Minister of Investment and International Cooperation Sahar Nasr discussed with the World Bank a possible second loan worth USD 500 mn to fund the country’s social housing project, Invest-Gate reports.

During a meeting held with a delegation from the World Bank on Tuesday, July 10, Nasr emphasized the importance of the World Bank’s continuous support for Egypt’s housing sector, particularly social housing, which she said is a priority for President Abdel-Fattah El-Sisi, according to a ministerial statement.

The World Bank had already contributed to Egypt’s social housing projects with a loan worth USD 500 mn in 2015.

Nasr pointed out the government is continuing to implement the social housing project, aiming to provide housing for citizens at affordable prices, the minister said in the statement.

The World Bank delegation praised the success of such projects, and expressed its readiness to provide the country the necessary experience related to engaging the private sector in social housing projects, describing the Egyptian model as a “success story,” the statement adds.

Additionally, both sides discussed the importance of developing the Sinai Peninsula and agreed on the importance of the World Bank’s rapid support to contribute to Sinai’s development to attain sustainable and comprehensive development for the region, as well as, providing job opportunities for its residents.