WB Allocates $500 Mln to Support Low Income Housing

The World Bank (WB) announced on Sunday a new package for Egypt worth $ 500 million to support Low Income Housing.

The move comes to support the government's efforts to help low-income citizens obtain housing units in affordable prices as well as enhancing the social housing fund and the mortgage sector.

"The new package will back efforts exerted by the state to promote current housing programs, benefiting low-income citizens and the housing sector as a whole," Minister of Housing, Utilities and Urban Communities Essam El-Gazar said in a statement.

El-Gazar added that the package will also encourage the private sector in the financing of social housing activities.

On her part, Chief Executive Officer of the Social Housing Fund Mai Abdel Hamid said there are more than 300,000 families, who have benefited from the social housing programs in the country since 2015.

"The World Bank's new fund will increase the volume of social housing funding to $1.3 billion," she concluded.

It is worth mentioning that more than 75% of social programs' beneficiaries are from the category of the most impoverished families in Egypt.