Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, received delegations from ten countries to inspect the housing units under the “Housing for All Egyptians” initiative, which targets low- and middle-income citizens. The visit also included a tour of the Green Architecture initiative in Hadayek Al Asimah City. The meeting was attended by officials from the Central Bank of Egypt and several prominent figures. It came as part of a workshop titled “Affordable Housing Finance,” organized by the Financial Inclusion Alliance in cooperation with the Central Bank and Habitat. During her speech, Mai Abdel Hamid presented the current status of the housing units being implemented under the initiative.
A total of 722,000 housing units have been completed, with 649,000 already allocated. Another 298,000 units are under construction, and 79,000 units were offered in the most recent announcement of “Housing for All Egyptians 5,” which witnessed significant demand. Preparations are currently underway for the launch of “Housing for All Egyptians 7.” The volume of mortgage finance provided has reached approximately EGP 82.86 billion, while direct financial support amounts to EGP 10.13 billion.
The state offers both direct and indirect financial support to citizens. Direct support, provided by the Social Housing Fund, is based on the beneficiary’s income. Indirect support includes subsidies on land value, infrastructure, and interest rates, covering more than 50% of the unit’s total cost. The CEO emphasized the importance of the mortgage finance initiative launched in 2014, which supports the “Housing for All Egyptians” program.
Ms. Mai Abdel Hamid clarified that the presidential program implemented by the Social Housing Fund has contributed to expanding Egypt’s urban development from 7% to 14%, citing Hadayek Al Asimah City, which was formerly a desert area, as an example. She reviewed the state’s achievements in encouraging citizens to move into their allocated housing units by providing strong transportation networks, green spaces, and health and educational services. She also highlighted the importance of the initiative in offering environmentally friendly housing for low-income citizens and pointed to the collaboration with local and international bodies, including the World Bank.
The Social Housing and Mortgage Finance Fund has obtained Green Building Design Assessment Certificates in four Egyptian cities, where 25,494 environmentally friendly housing units have been evaluated. CEO Mai Abdel Hamid confirmed that the presidential initiative “Housing for All Egyptians” received praise from the visiting delegations, with many countries expressing interest in adopting Egypt’s model. The fund has also received awards in the fields of innovation and public policy during the Middle East and North Africa Housing Forum, in addition to the “SHARKROOM” Award for Best Housing Innovations in Africa.