(Ecofin Agency) - The World Bank announced a new investment of $500 million to improve low-income housing in Egypt. The money will help the local government’s efforts towards strengthening Egypt’s Social Housing and Mortgage Finance Fund which designs policies and coordinates social housing projects in the country.

The new funding will also help increase the provision of subsidies for access to affordable housing by increasing the number of beneficiaries by 31%. This strategy is part of the government's goal to build more than one million housing units to support low-income households by 2024.

“Through this project, we are continuing our commitment to improving the livelihoods and productivity of Egyptians, while encouraging private sector participation in social housing. This is crucial for the success of the country’s reform program,” said Marina Wes, World Bank Country Director for Egypt, Yemen, and Djibouti.

Let’s note that the World Bank has 12 ongoing projects in Egypt, for a total of $5.9 billion.

Moutiou Adjibi Nourou