A man is silhouetted against the logo of the World Bank at the main venue for the International Monetary Fund (IMF) and World Bank annual meeting in Tokyo October 10, 2012. (Photo: Reuters)
Egypt and the World Bank signed an agreement on a $500 million loan to support a government project for affordable housing, State-owned news agency MENA reported on Wednesday.
The loan will be used to develop the Social Housing Fund and to subsidise mortgages for low-income earners, reported MENA.
The project, which was unveiled late 2014, aims to build one million residential units across the country for low-income earners.
The units are being built in new urban communities to house low and medium-income Egyptians, who are to benefit from a subsidy of LE5,000 to LE25,000 on each unit, through the World Bank loan, according to a housing ministry statement released in May.
Up to 170,000 housing units are to be built by the end of 2015 as part of the project, according to the statement.
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