Housing minister signs finance agreements with 4 banks

Housing Minister Mostafa Madboli signed four agreements, worth 3 billion pounds between the Social Fund for Development (SFD) and the National Bank of Egypt, Housing and Development Bank, Banque Misr and Banque du Caire.

Under the pacts, the four banks will give 750 million pounds as loans to the SFD to contribute to the swift implementation of the social housing project.

Speaking at a press conference on Sunday in the presence of the ministry's leaderships and the heads of the four banks, Madboli said that about 150,000 housing units will be finalized at the end of this year, adding that more than 100,000 housing units have already been established.

The 3 billion pounds granted to the SFD is guaranteed by the housing units established by the state, he said, adding that this loan will contribute to accelerating the implementation of the social housing project.