Minister of Housing Reviews Performance of “Housing for All Egyptians” Program

Engineer Sherif El-Sharbeni, Egypt’s Minister of Housing, Utilities, and Urban Communities, along with Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, reviewed the performance indicators of the presidential program “Housing for All Egyptians.” The discussion focused on the progress of delivering residential units for low- and middle-income citizens, with El-Sharbeni emphasizing President Abdel Fattah El-Sisi’s directives to expedite the construction and delivery of these units.

In a statement on Thursday, the Minister highlighted that the direct cost of constructing residential units under the Social Housing and Mortgage Finance Fund since 2014 has reached 161 billion EGP. Beneficiaries receive two forms of support: direct financial support totaling 9.5 billion EGP and indirect support through subsidized mortgage rates funded by the fund and the Ministry of Finance, amounting to 11.5 billion EGP. Additionally, support for infrastructure development has averaged around 25 billion EGP for one million units, and the estimated value of land support per unit is about 37 billion EGP.

El-Sharbeni stressed the need for continuous and precise monitoring of performance indicators to address any challenges in implementing the “Housing for All Egyptians” initiative. He underscored the importance of adhering to the timelines for delivering residential units as outlined in the project specifications and emphasized that the fund must continue to meet the demand for housing as directed by the political leadership.

Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, reported that the fund is committed to regularly offering residential units under the “Housing for All Egyptians” initiative. Since June 1, 2014, the fund has launched 17 announcements, attracting 1.6 million applicants for one million housing units. This high level of interest reflects public confidence in the fund and its projects.

Abdel Hamid also noted that 27,944 units are currently being constructed for middle-income applicants from previous announcements, while 248,009 units are under construction and an additional 68,048 units are being offered for low-income applicants. To date, 684,251 low-income units have been completed, bringing the total number of completed units for low-income individuals to over one million.