Al-Sisi earmarks funds for Egypt housing

07 February 2016

The amount will be used to finance the development of 100,000 units

Egypt’s President Abdel Fatah al-Sisi has announced that approximately $127.7m from the Long Live Egypt Fund will be earmarked for the social housing scheme.

During a speech at an inauguration ceremony on 6 February held at the site of a new social housing project in 6th of October City, Al-Sisi said that the amount will be used to finance the development of 100,000 units.

The Long Live Egypt Company was established in October last year with the initial capital of approximately $640m.

It is understood that the fund is currently working with the Social Solidarity Ministry to reconstruct the Nasser Social Bank and reestablish it as modern bank to serve low-income people, and help with mortgages and micro-financing for housing and small industries.

Earlier this month MEED reported that the housing ministry and Social Housing Fund have signed a bridge loan agreement with four banks to provide additional funds for the Social Housing project.

The bridge loan is estimated to be made up of $95m from each bank, and will be used to accelerate the implementation of housing projects.

The deal was signed with four local banks. The lenders involved are, the National Bank of Egypt (NBE), Banque du Caire, Banque Misr, and Housing and Development Bank (HDB).

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.