Cairo-Mubasher: The Egyptian government has completed its negotiations with the World Bank over a five-year loan worth $500 million, to finance its comprehensive social housing program, said Minister of Housing Mostafa Madbouly.  

The minister added that the New Urban Communities Authority will carry out the new residential units in the new cities of Upper Egypt.

Khalid Abbas, assistant minister for technical affairs, said the Egyptian government has signed the financing agreement with the World Bank.

He added that the loan will be used in supporting the Social Housing Financing Fund which was launched almost six weeks ago.