Egypt wins $500m WB funding for 1m housing units
CAIRO, January 6, 2016
Egyptian government has reached an agreement with the World Bank on a $500-million loan which will be used to build a million residential units under its 'social housing' project, said a report.
The loan will be paid back by Egypt over the course of five years.
Earlier, the World Bank agreed to offer Egypt $1.5 billion in financing for social housing and sanitation for villages over a period of three years, housing, utilities and urban development, reported Ahram Online.
The project, which was launched early last year, aims at building a million residential units across the country for low-incomers, said the report.
The Ministry of Housing will start implementing a number of residential units on an area less than 90 sq m each to suit the citizens' income particularly in new cities in Upper Egyptian governorates, it added.