Egypt requires at least 500,000 new homes to be built every year for five years to keep up with population growth
Local banks have finalised a $381m bridge loan for Egypts Social Housing Fund, according to a spokesperson from Egypts Ministry of Housing.
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, housing minister Mostafa Madbouly stated in a press briefing in Cairo on 31 January.
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 spokesperson from the ministry told MEED that the government plans to use the funds in order to complete 150,000 units by the end of the year.
The ministry has said Egypt requires at least 500,000 new homes to be built every year for five years to keep up with a population expanding at a rate of 2 per cent a year, and to ensure the country can tackle the estimated backlog of 3 million housing units.
Private sector the antidote for Egypt housing shortage
In early December, experts from the construction, engineering and finance sectors gathered in Cairo for a round-table discussion that focused on finding ideas to help Egypt tackle the issues affecting its infrastructure and community developments. Industry experts agree the governments role should be limited to encouraging the private sector, subsidising land prices and developing masterplans. Read more.
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