JOHANNESBURG – Egypt’s Ministry of Investment and International Cooperation has held discussions with the World Bank for an additional $500m loan for the country’s social housing projects targeting low-income households, according to an official ministry statement.
The discussions were held on Tuesday with a World Bank delegation that was visiting the North African country.
The World Bank first funded Egypt's social housing projects with $500 million in 2015.
Both sides discussed the additional funding to expand the projects' beneficiary base, with the World Bank group praising the “major success” achieved by the earlier-funded projects, Egypt’s Al Ahram newspaper reported.
In 2014 Egypt began a project to build a million houses, aiming to secure suitable residences for low-income families under the country’s Social Housing Fund (SHF).