Egypt's Housing Minister Mustafa Madbouly talk before the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 14, 2015 (Photo: Reuters)
Negotiations over a $500 million loan has been finalised between Egypt and the World bank, announced minister of housing Mostafa Madbouli in a press statement.
The loan, allocated for the 'social housing' or the 1mn residential units project, will be paid back by Egypt over the course of five years.
The project which has been unveiled late 2014 aims to build 1 million residential units across the country for low-incomers.
According to Madbouli, the NUCA will start implementing a number of residential units on an area less than 90 metres each to suit the citizens' income particularly in new cities in Upper Egyptian governorates.
Last September, the World bank agreed to offer Egypt $1.5 billion (LE 10.5 billion) in financing for social housing and sanitation for villages over a period of three years, housing, utilities and urban development.
The World Bank's commitment to Egypt currently includes 25 projects for a total of US$4.9 billion (LE34.3 billion) as well as 43 trust fund grants worth US$190.2 million (LE1.3 billion) in the sectors of energy, transport, water and sanitation, agriculture, irrigation, health and education.
The Bank is committed to support the Egyptian government in improving its social safety net by expanding its cash transfer system to the poorest members of society, managing director Sri Mulyani Indrawati said in her speech at Egypt's Economic Development Conference held in Sharm El-Sheikh earlier this month.