The World Bank is providing $500m loan for social housing
Egypt is set to receive the first instalment of a $500m loan from the World Bank.
According to local sources Egypts Ministry of Housing has finished negotiations with the World Bank and is set to receive $125m for its Social Housing project in the first weeks of 2016.
It has not been disclosed when Cairo will receive the remaining funds.
The World Bank is providing Egypt with a loan to be paid back over the course of five years for its Social Housing project. Egypt plans to use the funds to press ahead with a number of affordable and low-income housing schemes across the country.
The Social Housing project was launched in 2014 to tackle Egypts housing shortage. Egypt needs 500,000 to 600,000 new housing units annually, and has set aside a £E13bn ($1.6bn) as part of the Social Housing project for low income housing projects. It is also hoping to attract the private sector through revenue sharing and other agreements.
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