The World Bank has provided EGP 7.2 billion ($ 800 million) to the Ministry of Housing programs, said Minister of International Cooperation Sahar Nasr, Al Borsa News reported.
Approximately EGP 2.7 billion (US 300 million) were funneled into sanitation programs, while EGP 4.5 billion were directed to the social housing program.
Nasr signed a memorandum of understanding (MoU) with Minister of Housing Mostafa Madbouly worth EGP 22.5 million ($2.5 million) in cooperation with the World Bank.
“The grant signed with the World Bank will enable the Ministry to prepare all technical studies for the project to be implemented across all of Egypt,” commented Madbouly.
“A portion of the social housing fund will be directed towards unsafe informal settlement areas,” added Madbouly.