Minister of Housing Reviews Progress of “Housing for All Egyptians” Initiative

Engineer Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, held a meeting with Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, to review the performance indicators of the “Housing for All Egyptians” program and the progress of housing unit construction for low- and middle-income citizens.

The Minister of Housing highlighted that the direct cost of constructing the housing units offered by the Social Housing and Mortgage Finance Fund since 2014 has reached EGP 161 billion. He explained that beneficiaries of these housing units receive two forms of support. The first is direct support, amounting to EGP 9.5 billion in cash subsidies. The second form is indirect support, which includes subsidized mortgage rates provided by the fund and the Ministry of Finance, totaling EGP 11.5 billion. Additionally, infrastructure support has an estimated value of EGP 25 billion for the million housing units, with an average land allocation subsidy estimated at EGP 37 billion.

The Minister emphasized the need for continuous and precise monitoring of various performance indicators and ensuring that any challenges in implementing the “Housing for All Egyptians” initiative for low- and middle-income citizens are addressed. The goal is to deliver the housing units to eligible citizens within the timelines specified in the project guidelines. He also stressed the importance of the fund’s ongoing efforts to meet the demand for housing under this initiative.

Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, stated that the fund is committed to regularly offering housing units under the “Housing for All Egyptians” initiative for low- and middle-income citizens. Since June 1, 2014, 17 announcements have been made, with 1.6 million citizens applying for the million units offered. This level of interest reflects the public’s confidence in the fund and its projects.

Abdel Hamid further noted that currently, 27,944 housing units are being constructed for middle-income citizens who applied in previous announcements, while 248,009 units are under construction, and 68,048 additional units have been offered for low-income citizens. To date, over 684,251 housing units have been completed, bringing the total number of units for low-income citizens to more than one million.