The Palestinian Investment Fund says it plans to build 30,000 affordable apartments in the West Bank and Gaza to ease a growing housing crunch.

An official in the fund said Saturday that the project will cost more than $2 billion, and that private investors will be involved. The official spoke on condition of anonymity because a formal announcement will only be made Monday.

The official says a mortgage company will be established as part of the project.

Investment in housing is seen as one of the more attractive business opportunities in the West Bank. The housing shortage is considerable, and construction is less dependent on Israel easing movement restrictions than other branches of the economy.