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 Support Fund.
During the meeting, the progress of housing units designated for low- and middle-income citizens was reviewed, focusing on those completed or currently under construction as part of President Abdel Fattah El-Sisi’s “Housing for All Egyptians“ initiative. The discussion also covered the status of the “Housing for All Egyptians 5“ announcement and related performance indicators.
El-Sherbiny pointed out that approximately one million housing units are being offered under the presidential initiative for low-income citizens. He explained that 721,000 housing units have been completed, while 251,000 units are under construction, including 54,600 units in nine cities as part of the Green Housing Program. He also noted that 27,944 medium-income and investment housing units are being implemented across 15 cities and governorates.
Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Support Fund, presented details about the “Housing for All Egyptians 5“ project, which includes 78,000 housing units. She highlighted that 762,000 citizens purchased the application booklets, 589,000 made the required down payment, and 571,000 submitted applications through the online platform. Additionally, she discussed the financial status of the initiative, noting that since 2014, 19 announcements have been made, attracting 2.1 million applicants. So far, 617,500 citizens have benefited from mortgage financing, with a total financing volume of EGP 81.22 billion and direct financial support amounting to EGP 10.13 billion. She also mentioned that the average funding per client is EGP 131,500 and that the call center has received 13 million calls since 2015, with a 99% response rate to complaints and inquiries.
