Tripartite Regional Economic Communities
PM attends signing ceremony of WB loan agreement
Thursday، 11 June 2015 - 12:00 AM
Prime Minister Ibrahim Mahlab attended Wednesday 10/6/2015 the signing ceremony of a $500-million loan agreement with the World Bank (WB), for the social housing program.
The agreement was signed on the sidelines of the third COMESA-EAC-SADC Tripartite Summit, which was opened Wednesday 10/6/2015 in Sharm el Sheikh.
The loan agreement was signed by International Cooperation Minister Naghlaa el Ahwani, while the project agreement was signed by Housing Minister Mostafa Madbouli.
For his part, WB Vice President for the Middle East and North Africa Hafez Ghanem signed the two agreements.
WB Group President Jim Yong Kim attended the signing ceremony.
The social housing program aims at establishing one million housing units for low-income residents and youths over five years, Madbouli said.
He further said that the program mainly depends on providing the necessary fund, which is required for implementation.
This came as part of an initiative, which was recently launched by the Central Bank of Egypt, he added.
The program will increase the opportunities for the low-income brackets to get adequate housing, he said.
Ahwani, for her part, said that the project will be implemented through the Social Housing Financing Fund, adding that the State will be responsible of repaying the loan from the WB.
The period for repaying the loan reaches 35 years with a five-year grace period, she added.