$500m Social housing project loan approved for Egypt

chika ebuzor

May 9, 2015 3:34 PM

The Social housing program launched by the Government has not done enough to meet the housing needs of poor Egyptians.

WorldBank Social housing project loan for Egypt

The real estate sector in Egypt has received a boost, following the world bank loan awarded to the country.

The Social housing program launched by the Government in 2014, has not done enough to meet the housing needs of poor Egyptians.

The scheme was launched to provide a million houses for low-income families.

Real estate experts in Egypt say the $500million dollar housing project loan, will go a long way to solve the housing challenges Egypt is facing.

They say there is a dire need for housing facilities to be constructed, so as to meet a housing backlog of about three million units.

The experts added that the sector needs to provide over 1million units every year to be able to meet housing demands.

The World Bank Acting Country Director for Egypt, Poonam Gupta, said “The project will foster economic inclusion and sustainable growth through promoting access to adequate housing for the bottom 20 percent of Egypt’s population.”

According to Sahar Nasr, World Bank Lead Financial Economist and Project Team Leader, 'The project will fill in the gaps in the current housing programs benefiting Egyptians with limited income.'

chika ebuzor