23 March 2019 11:28 PM

Investment min. highlights importance of WB's support to housing sector in Egypt

Tuesday، 10 July 2018 - 04:26 PM

Investment and International Cooperation Minister Sahar Nasr underlined the importance of the World Bank's support to the Egyptian housing sector especially the social housing which is given a priority by President Abdel Fattah El Sisi.

The minister's remarks were made during a meeting with senior experts of the World Bank including Practice Director for Finance, Competitiveness and Innovation at the Middle East Region Najy Benhassine and World Bank Chief Technical Specialist on Finance and Markets Loic Chiquier.

During the meeting, Nasr reiterated that the Egyptian government led by Mostafa Madbouli is continuing its program for providing appropriate housing for citizens at affordable prices.

She underlined the importance of the housing sector in providing infrastructure for investors, achieving sustainable development and creating job opportunities.

The two sides discussed the agreements reached during the WB experts meeting with Madbouli. They agreement on accelerating the support to social housing projects at a fund worth dlrs 500 million.

The WB mission praised the great success of the social housing project which has been previously funded with a sum of dlrs 500 million presented from the international group.

The WB officials termed as "a success story" the Egyptian expertise in the social housing sector, asserting that they would continue cooperation with Egypt in the various sectors so as to achieve Egypt's development goals.

The investment minister also conferred with a WB team assigned with following up Sinai development program led by Sameh Najeeb Wahab, the official in charge of Sinai Development Program at the World Bank.

Nasr highlighted the importance of the WB's grants to Sinai development plans, noting that the Egyptian political leadership is giving priority to such project and providing services for all Sinai districts so as to invest in the humanitarian potentials in such promising area.

The two sides agreed on accelerating the WB aid to Sinai comprehensive development that would contribute to advancing the quality of life and creating job opportunities for Sinai residents.

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