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Real Economy News in Real Time
R/€ = 15.54 Change: -0.05
R/$ = 13.24 Change: -0.02
Au 1244.30 $/oz Change: 1.25
Pt 828.50 $/oz Change: -2.21
 
 
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Egypt wants $500m from World Bank

11th July 2018 BY: African News Agency

Egypt’s Ministry of Investment and International Cooperation has held discussions with the World Bank for an additional $500-million loan for the country’s social housing projects targeting low-income households, according to an official ministry statement.

The discussions were held on Tuesday with a World Bank delegation that was visiting the North African country.

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The World Bank first funded Egypt's social housing projects with $500-million in 2015.

Both sides discussed the additional funding to expand the projects' beneficiary base, with the World Bank group praising the “major success” achieved by the earlier-funded projects, Egypt’s Al Ahram newspaper reported.

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In 2014 Egypt began a project to build a million houses, aiming to secure suitable residences for low-income families under the country’s Social Housing Fund (SHF). 

EDITED BY: African News Agency
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