Four Egyptian banks will be arranging the biggest financing in the history of the country's housing sector worth E£20 billion ($2.25 billion) to build 500,000 low-income homes, said a report.

State-run Social Housing Fund is expected to receive a billion pounds loan from the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire, and Housing and Development Bank (HDB), reported Amwal Al Ghad.

NBE, Banque Misr, and Banque Du Caire have decided to contribute around E£6.33 billion ($711.2 million) each to the loan; while the HDB's share will amount to E£1 billion ($112.4 million), a source familiar with the matter stated.

The financing is designated to secure liquidity needed to build 500,000 housing units as part of the country's national project to build one million homes for low-income citizens, said the report.

The loan will be repaid over four years, the source said, expecting the fund and the four lenders would sign the final agreements within the current month, it added.