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English news

01-Feb-2016

Four banks ink USD381mn-bridge loan for Social Housing project

The Housing Ministry and Social Housing Fund have signed a bridge loan agreement with four banks to provide additional funds for the Social Housing project, minister Mostafa Madbouly stated Sunday. The bridge loan is estimated at EGP3 billion (USD383 million) and dedicated for accelerating project's execution processes, Madbouly added. The four banks are National Bank of Egypt (NBE), Banque du Caire, Banque Misr, and Housing and Development Bank (HDB), the minister said. Ministry of Housing needs to finish 8,000 files of citizens monthly to provide self-finance for the project since it is currently finishing around 3,000 files per month. (Amwal Al Ghad)

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