World Bank lends Egypt $500 mln for social housing project

The World Bank approved a $500 million loan to help Egypt finance the construction of one million housing units for low-income residents over five years, the country's housing minister said on Wednesday.

"Between 25 and 40 percent of the loan will be given immediately. It will be directed towards building some units ... and providing subsidies," Mostafa Madbouly said in a statement.

Egypt, with a burgeoning population of nearly 90 million and poverty levels hovering around 40 percent, is pursuing a number of projects aimed at easing a shortage of affordable housing that has been a grievance of young Egyptians for decades.