FILE - Installing pipes in an Egyptian village - AFP
CAIRO - 7 February 2021: Chairman of Slum Development Fund Khaled Sediq stated in a phone-in Sunday that the cost of building one million residential units per annum is LE400 billion commenting on the statements President Abdel Fatah al-Sisi made Saturday on the needs resulting from overpopulation as almost 2.4 million are born every year.
The president had indicated that the cost required to solve the slums issue in Egypt is LE3-4 trillion adding that securing the LE500 billion allocated for the development of 1,500 villages - 26.5 percent of Egypt’s villages - over three years is not a problem. Rather, the organizational and engineering measures to be taken are daunting for every village is different from the other.
During the ceremony held to celebrate the 69th Police Day, the president pointed out that the 1,500 villages house 50-55 million dwellers, who compose half of the Egyptian population urging officials to achieve a satisfactory outcome. He added that introducing electricity within the project requires LE70 billion.
In a similar context, President Sisi ratified on November 17 an agreement with the International Bank for Reconstruction and Development for Egypt to receive a $500-million loan to fund social housing projects.
The agreement was signed on July 5, 2020, and approved by the House of Representatives.
Egypt and the World Bank's IBRD have partnered in the Inclusive Housing Finance Program since 2015. The program –which ended in 2020 - was also worth $500 million. The number of beneficiaries amounted to 287,600 households as 57 percent of the fully-furnished units recipients are married couples with little children. Those citizens belong to the low-income segment, and the majority of them used to dwell in slums.
The new program targets to raise the number of beneficiaries by 31 percent until 2024, as indicated on the World Bank's website. The total number of beneficiaries is estimated to reach more than 3.6 million individuals or almost 830,000 households with an average household size of 4.3 individuals.
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