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Egypt secures $381m funding for mega housing project

CAIRO, February 3, 2016

The Egyptian government has sealed four financing contracts worth E£3 billion ($381 million) to help fund the construction of a million housing units across the country, said a report.

The housing development, which is one of the country’s most ambitious projects, will see the construction of 150,000 residential units by the end of this year, reported the Egypt Independent, citing the housing minster.

"The contracts have been signed with the Housing and Development Bank, the National Bank of Egypt, Banque Misr and Banque du Caire, with loans received from each worth E£750 million ($95.4 million)," revealed Mostafa Madbouli.
 
“We are currently spending between E£500-600 million ($64-$76 million) per month, and shall reach E£1 billion ($127 million) in the coming period to increase the number of constructed units,” stated the minister.

“We do not have liquidity problems, but are rather seeking to speed up procedures to hand the units to citizens,” he added.




Tags: Egypt | Funding | housing project |

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