Negotiations over a $500 million loan has been finalized between Egypt and the World Bank. 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 early 2015 aims to build 1 million residential units across the country for low-incomers.
The Ministry of Housing will start implementing a number of residential units on an area less than 90 meters each to suit the citizens' income particularly in new cities in Upper Egyptian governorates.
Earlier, 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 $4.9 billion (LE34.3 billion) as well as 43 trust fund grants worth $190.2 million (LE1.3 billion) in the sectors of energy, transport, water and sanitation, agriculture, irrigation, health and education.