International Cooperation Minister Rania el Mashat has said that a comprehensive social housing project implemented in Egypt is meant to provide a decent life for limited and middle income brackets.

Financed by the World Bank, the project aims to eliminate shantytowns through making available suitable residential units for segments of little income.

Mashat, in a meeting with a World Bank delegation earlier Sunday, stressed the importance of cooperation between Cairo and the WB, which she called “a development partner”.

The program is not only about developing the infrastructure and securing decent housing, the minister said, adding it is also about encouraging investment in human capital through providing green buildings that are environment-friendly. This, she noted, should also put an end to slums and hazardous areas.

The meeting focused on the outcome of the World Bank Group mission during the period from November 28 through December 9.

Mashat thanked the Social Housing Fund and national parties concerned in Egypt for achieving such “unprecedented” results, despite global challenges that spilled over into Egypt.

Some 25,000 green residential units have been provided as part of the social housing program, the minister said, noting that this is the first green building initiative in Egypt.

The social housing program has also helped create some three million direct and indirect jobs and has enhanced financial inclusion, with 22 banks and eight real estate companies contributing to the project, Mashat further said.

Egypt and the World Bank Group have strong development cooperation relations through a portfolio of 14 ventures worth 6.8 billion dollars with the aim to achieve development in the Arab country.

Source: State Information Service Egypt