World Bank lauds Egypt’s social housing project

A team of World Bank officials commended efforts exerted by Egyptian Ministry of Housing to carry out the social housing project, describing what has been achieved as a role model.

The project has been a huge success alluring the World Bank officials to market it globally.

The World Bank Team, led by Jean Pesme, Practice Manager, and Alfonso Garcia Moro, Director of Finance and Markets Global Practice at the World Bank, met with Egyptian Minister of Housing Moustafa Madbouli to review progress on the country’s social housing scheme.

During the meeting, Madbouli gave a briefing on the social housing project, saying the ministry is currently implementing more than 500,000 units nationwide.

The minister added that the social housing project would also include 6,000 rental units for low-income earners. He also revealed that the government recently approved private sector firms’ requests to take part in the project.

Egypt has started building15 housing units out of 50,000 designated for slum-dwellers, Madbouly told the World Bank team.

The World Bank had previously agreed to grant Egypt’s Ministry of Housing a soft loan worth$500 million over five years in support for social housing units.