On Monday evening, Eng. 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. The meeting discussed several key topics, including the progress and implementation of the presidential initiative, “Housing for All Egyptians.”
The minister highlighted that since President Abdel Fattah El-Sisi took office, Egypt has prioritized providing suitable housing for young people and low-income citizens. The initiative, the world’s largest affordable housing project, aims to provide homes across all governorates, including both existing urban areas and new cities. The initiative also includes housing units for middle-income families.
Green Housing Projects and Progress
The minister noted that one million housing units are either completed or under construction as part of the “Housing for All Egyptians” initiative for low-income citizens. Among these, 55,500 units are being developed under the Green Housing Program in cities such as New Obour, 10th of Ramadan, Gardens Capital, New Aswan, New October, and others. Additionally, 28,000 units are underway for middle-income citizens across new cities and governorates.
Financial and Operational Overview
During the meeting, Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Support Fund, provided an overview of the initiative’s current status. Since June 2014, 17 phases have been launched, attracting 1.6 million applicants. To date, 74 billion EGP in mortgage financing has been granted through 22 banks and 8 companies, with 9.7 billion EGP in direct financial support.
Key Performance Indicators
Abdel Hamid also shared performance metrics, including an average direct subsidy of 16,600 EGP per client and average mortgage financing of 126,000 EGP. The average price of a housing unit is 185,000 EGP, and the average monthly income of beneficiaries is 2,552 EGP.
The report highlighted that 76% of beneficiaries are men, with 48% working in the private sector, 22% in freelance professions, and 29% in the public sector.
