Dr. Manal Awad, Minister of Local Development, held a meeting at the ministry’s headquarters with Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Support Fund, along with senior officials from the ministry, the Social Housing Fund, and the Financial Regulatory Authority, as well as representatives from the Ministries of Justice and Interior.
The meeting’s agenda focused on ways to strengthen cooperation between the concerned parties to maximize the benefits of non-banking financial services and financing and insurance products under the direct supervision of the Financial Regulatory Authority. Discussions covered activities such as mortgage financing, leasing, factoring, consumer finance, in addition to a wide range of insurance services in line with national efforts to promote financial inclusion and drive sustainable development.
In this context, the meeting explored mechanisms through which governorates and the Social Housing Fund could benefit from these services. A key focus was on insurance coverage schemes designed to protect citizens from various risks, thereby reinforcing economic and social stability.
The proposal submitted to the Cabinet to establish an insurance system aimed at covering demolition risks for properties affiliated with social housing projects across different governorates was also reviewed.
During the meeting, the minister affirmed the commitment to enhancing cooperation with the Social Housing Fund and the Financial Regulatory Authority to provide innovative financial and investment solutions accessible to broader community segments, especially those underserved by financial services. Such efforts, she emphasized, would contribute to achieving social stability and improving living standards within local communities.
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