World Bank grants $125mn-first tranche to Egypt’s Social Housing soon

Egyptian housing ministry has finished negotiations with the World Bank over a US$500 million-loan for Social Housing project and expected to get the first tranche worth US$125 million within days.

Hisham Darwish -head of construction sector at the ministry- told Amwal Al Ghad Monday that the ministry has implemented around 34,000 housing units in 23 governorates among project’s first and second phases until the end of last September.

The project has been unveiled late 2014 aiming to build 1 million residential units across the country for low-incomers.

The ministry is to finish 150,000 units in new cities and governorates among project’s third phase by the end of current fiscal year, the official said, adding that the ministry will issue new units to be established in nine governorates.

Darwish noted that the ministry is currently executing 50,000 units and plans to implement another 106,000 at the end of fiscal year 2015-16.

The unites are set to be established with new spaces reach 63 meters in different governorates and affordable prices to suit low-incomers, Darwish clarified.

The $500 million-loan will be paid back by Egypt over the course of five years.