“Housing for all Egyptians” .. Soon 25.000 housing units building in new cities
since 2018, the fund has started implementing the green architecture initiative in cooperation with the World Bank, which aims to implement about 25,000 housing units in the new cities
Shrouq
Mai Abdel Hamid, CEO of the Social Housing Fund and Real Estate Finance Support, revealed the efforts of the Egyptian state, represented by the Social Housing Fund and Real Estate Finance Support, to provide housing units for low- and middle-income people, and the achievements made since the beginning of the program until now.
Mai Abdel Hamid expressed her welcome to attend a panel discussion entitled "Housing for All Egyptians - A Successful Experience in Providing Adequate Housing", within the activities of the 38th Annual Conference of the African Union on Housing Finance "AUHF", which is being held under the title "A Green Urban Future for Affordable Housing", hosted and organized by In its current session, the Social Housing and Real Estate Finance Support Fund, in partnership with the African Union for Housing Finance.
Implementation of 612 thousand housing units
She explained that during the period from 2014 until now, with the support of the World Bank, the implementation of 612 thousand housing units has been completed, and about 250 thousand other housing units are being implemented through the Social Housing Fund and real estate financing support.
7.3 billion support
She indicated that support has been provided in various forms, at a value of about 7.3 billion pounds, since 2014 until now, for housing units in the Sakan for All Egyptians program.
The number of beneficiaries of the program has reached about 2.5 million beneficiaries, in addition to providing a mechanism for beneficiaries to deal directly with banks for the first time, and an increase in the number of contracting companies participating in the implementation of projects, which led to the creation of more job opportunities.
One billion dollars from the World Bank to support housing
On a related note, Marja Smith, a consultant at the World Bank, reviewed the close relationship that brought together the World Bank and Egypt for more than a decade by supporting the affordable housing financing agenda.
She emphasized that Egypt's efforts are currently being supported to improve access to affordable housing for the lowest-income groups by supporting a housing program for all Egyptians worth one billion dollars.
As Marja Smith explained, financial institutions played a crucial role in the success of the housing program for all Egyptians, as it took a long time to motivate financial institutions to enter the program and put it on the right track by agreeing to set several criteria to provide the necessary funding through (incentives and support plans). information technology systems, transparency, and beneficiary verification).
The CEO of the Social Housing Fund added that a set of criteria has already been set to provide the necessary financing to increase the beneficiaries of the presidential initiative "Housing for All Egyptians".
These criteria are related to reviewing the income level of the targeted beneficiaries periodically, and the prices of housing units, as well as working to develop incentives to attract public and private banks to finance the program, including good targeting by setting criteria for access to people most in need of housing, who have not previously benefited from subsidized housing.
53 billion pounds provided by financing agencies
Mai Abdel Hamid noted that in the years following 2014, the targeted results of the program were very good and the percentages of customers defaulting within the acceptable limits to benefit from the program, which led to encouraging many banks to participate in real estate financing initiatives, in addition to developing smart plans to identify the beneficiaries of the program. As well as participating with specialized companies to check the beneficiaries' data to ensure that the conditions for benefiting from the program are met, and we find a positive return for that now, since 2014 until now, the value of funds granted by banks and companies to the program amounted to 53 billion pounds provided by financing agencies "banks - companies".
Housing units building in new cities
She indicated that since 2018, the fund has started implementing the green architecture initiative in cooperation with the World Bank, which aims to implement about 25,000 housing units in the new cities, namely: New Aswan, Hadayek al-Asim, New October, New Obour, and the Tenth of Ramadan, pointing out that the housing fund Social support and real estate financing enabled access to the lowest-income groups to benefit from a housing program for all Egyptians, and provided more opportunities for women to obtain housing units.
