Prime Minister and Minister of Housing, Utilities, and Urban Development Mostafa Madbouly met a World Bank delegation on October 26 to discuss providing USD 500 mn loan he had requested from the bank in July to support the country’s social housing development, Invest-Gate reports.

During the meeting, Head of the World Bank delegation to Egypt Loic Chiquier praised the tangible progress made by the Social Housing Fund in achieving the objectives of the social housing program as well as the efforts exerted by the government to maintain the fund as per suitable conditions for the low-income citizens, according to an official statement.

The monetary subsidy offered to citizens to obtain housing units is estimated at EGP 3.12 bn, he said, noting that the subsidy provided by banks and mortgage companies stand at EGP 17.5 bn.

Meanwhile, Madbouly said the additional finance will be utilized to support beneficiaries of the social housing fund. The housing ministry is currently implementing 600,000 housing units, thus, the loan will be necessary since the monetary support offered to citizens has surged from EGP 25,000 to EGP 40,000.