Officials at the World Bank has praised the efforts made by the Egyptian Ministry of Housing, Utilities, and Urban Communities in the implementation of social housing schemes, reported Amwal Elghad.
Minister of Housing Mostafa Madbouly has explained the project to a World Bank delegation in a meeting that was held to review the progress of the project and future plans.
The Ministry is currently building over 500,000 units across the country, as part of the social housing scheme, stated Madbouly.
The plan will also include 6,000 units that will be offered for rent to low-income earners, according to Al Mal News.
Private firms and companies will manage part of the project as well, while the state has already commenced construction works on 15,000 housing units out of 50,000 units that are set to replace informal settlements.
The World Bank agreed last year to lend $500 million to the Housing Ministry over five years, in efforts to support social housing projects.
Madbouly also showcased the completed projects, comprising 40,000 finalized units, during his meeting the World Bank delegation.