World Bank to lend Egypt $500m for 1m-unit project

The World Bank agreed to give Egypt a 500-million-dollar loan for the one-million-unit social housing project, currently under construction, said Housing Minister Moustafa Madbouli.

The WB member states lauded the project, being implemented in a number of governorates, and agreed to offer the loan to Egypt during their meeting late on Tuesday, he added in press statements.

The interest rate of the loan, which will be channeled immediately, ranges between 25 to 40 percent, he added.

"We are now building 170,000 units to be finalized by the end of the year," he said, bringing the total number of finished units to 250,000.