In a statement by the World Bank, it was announced that the Washington-based institution has granted Egypt $500 million in additional financing. The purpose of this fund is to support ongoing efforts to improve the affordability of formal housing for low-income households.
The financing also aims to strengthen Egypt’s Social Housing and Mortgage Finance Fund capacity to design policies and coordinate social housing programs. Egypt has embarked on a national housing finance program, which, according to the World Bank, has benefited over 280,000 households across the country since 2015.
The program targets the underprivileged segment of the population and 57 per cent of beneficiaries are married couples with young children. “Affordable housing is essential to contributing to national socio-economic development and the achievement of the United Nations’ Sustainable Development Goals,” said Egypt’s Minister of International Cooperation, Dr Rania Al-Mashat, who also represents Egypt on the World Bank’s Board of Governors.
“Urbanisation and development are indivisibly linked to one another. Our partnership with the World Bank builds on the Inclusive Housing Finance Program’s success in creating safe and affordable housing, and in building resilient societies and economies,” Dr Al-Mashat added. The program is in line with the World Bank’s Country Partnership Framework with Egypt.
The partnership framework is based on a number of pillars. The first pillar encompasses building Egypt’s human capital through developing a better education system, implementing health reforms and expanding social safety nets.
The second pillar seeks to improve Egypt’s competitiveness through private sector-led growth, supporting transformation to a digital economy and catalysing entrepreneurship for job creation. While the third focuses on improving governance and building local government capacity to deliver better services to citizens.
The institution currently funds 12 projects with a total budget of $5.9 billion, complemented by the Bank’s global knowledge and analytical services.
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