According to a statement issued by Housing Minister Mostafa Madbouly on Wednesday, the World Bank has approved a US$500 million loan aimed at financing one million social housing units, currently being built in Cairo's satellite cities and other governorates.
The World Bank has expressed its appreciation for the fast implementation of the first project phases, and the first batch, including 25-40 percent of the loan, will be transferred immediately, according to the minister.
He said 170,000 units would be completed by the end of this year, bringing the total number to 250,000 units, which amounts to 25 percent of the project.
Edited translation from Al-Masry Al-Youm
