Engineer Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, chaired a meeting of the Board of Directors of the Social Housing and Mortgage Finance Fund. The meeting reviewed the implementation status of housing units for low- and middle-income citizens that have been completed or are currently under construction within the presidential initiative “Housing for All Egyptians.” It also addressed the process of receiving applications from tenants covered under the Old Rent Law, in addition to discussing the annual report on the Fund’s achievements for the fiscal year 2024/2025.
The meeting included a presentation of detailed updates on the implementation of units within the presidential initiative “Housing for All Egyptians,” where approximately 1,002,100 housing units designated for low-income citizens have been completed or are under construction, alongside the offering of 37,000 new units.
Discussions also covered the number of middle-income and investment housing units, which reached 28,000 units delivered or under construction. In addition, 54,600 “Green Housing” units have been implemented for eligible low-income beneficiaries. The meeting further reviewed progress in unit delivery and allocation to citizens, as well as plans for executing the required units under the initiative.
Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, confirmed that since the project’s launch in June 2014, 21 public announcements for housing units have been issued.
To date, the volume of mortgage financing provided to low-income citizens has reached EGP 90 billion through 22 banks and 8 companies, while direct financial support has totaled EGP 10.35 billion. A total of 651,837 citizens have benefited from these units. Meanwhile, mortgage financing allocated to middle-income groups has reached EGP 4 billion, with support provided through 10 banks and 4 finance companies, benefiting 11,799 citizens.
The meeting also discussed the process of receiving applications from eligible tenants under the Old Rent Law and reviewed the annual performance report of the Social Housing and Mortgage Finance Fund for fiscal year 2024/2025. The report indicated that cash support during the past year reached EGP 733 million, raising the total support provided since the project’s inception to EGP 10.3 billion.
The number of beneficiaries increased by 69,000 citizens, bringing the total to 653,000 beneficiaries. The Fund has shown significant progress in achieving its strategic goals of providing adequate housing for citizens while strengthening the role of the private sector as a key partner in housing projects.
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