World Bank to Finance US$1.5bln for Egypt’s Social Housing Units: Minister

Big 5

Egyptian Housing Minister Mostafa Madbouly asserted that it has agreed by the World Bank’s officials to grant the Ministry soft loan worth US$1.5 billion in order to support social housing units and sewage in villages.

After the Minister had returned from United State, he held negotiations and meetings over 2 days with World Bank’s Vice Chairman and a number of the bank’s officials, stressing that it has agreed to grant the Ministry soft loan with US$500 million in order to support Social Housing Units.

The loan will be granted with value ranging from US$100 to US$120 million annually to support Social Housing units, the Minister added.

The second project which will be contributed by World Bank is Sewage project for the polluted villages including 760 villages estimated at US$1 billion, noting that the project will be implemented within 3 years, Madbouly explained.