The World Bank is providing Egypt with US$ 500 million in a bid to improve housing conditions for low-income households in the country, according to a press release. The significant allocated fund is aimed at strengthening Egypt’s Social Housing and Mortgage Finance Fund which oversees the ”Inclusive Housing Finance Program Housing program” launched in 2015. The latter aims to provide affordable housing to almost 1 million egyptian nationals of low and middle incomes by 2024. Prioritizing women and youth, the program also seeks to supervise the implementation of the housing programs, manage land use and design policies. “Affordable housing is essential to contributing to national socio-economic development and the achievement of the United Nations’ Sustainable Development Goals,” stated Rania Al-Mashat, Egypt’s Minister of International Cooperation, who represents Egypt on the World Bank’s Board of Governors. “Urbanization and development are indivisibly linked to one another. Our partnership with the World Bank builds on the Inclusive Housing Finance Program’s success in creating safe and affordable housing, and in building resilient societies and economies.” In a 2019 report by the Central Agency for Public mobilization and Statistics (CAPMAS), it was estimated that 32.5…
World Bank to Provide $500 mln to Improve Low-Income Housing in Egypt
March 22, 2020
