Egyptian Housing ministry, AFESD ink EGP 1.2bn loan deal

Housing Minister Mostafa Madboly said that the ministry has finalized the fastest deal loan in utilities department's history after reaching a deal with the Arab Fund for Economic and Social Development (AFESD) at a cost of about 1.2 billion pounds.

The deal that was reached within only 10 days aims to implement sewage systems in 32 villages in Giza.

This came during a meeting with a delegation of the AFESD.

During the meeting, the minister said the project also aims to raise the standard of health, enhance environmental situation in the villages and provide safe water for agricultural purposes and more job opportunities during the implementation, operating and maintenance of the project.

The ministry is keen on launching the project as soon as possible, the minister said, adding that the projects' studies and designs will be available within the next six months and that the implementation process will start at the beginning of 2016 and is expected to be finalized at the end of 2017.