Egypt, World Bank Group discuss developments of social housing financing programme

Minister of International Cooperation Rania Al-Mashat met Sunday with a World Bank Group delegation headed by Marina Wes, Country Director for Egypt, Yemen and Djibouti at the Bank, to discuss developments in the joint social housing financing programme.

The meeting also included Robert Bogoda, Director of Operations in the Middle East and North Africa; Mai Abdel Hamid, CEO Social Housing and Mortgage Support Fund; and the World Bank and the Ministry of International Cooperation working teams.

The meeting aimed to review the results of the World Bank Group mission, during the period from 28 November to 9 December, regarding the social housing financing programme, which began in 2015 at a value of $1bn, in light of the state’s efforts to provide adequate housing for low and middle-income people.

Al-Mashat stressed the importance of the comprehensive social housing project funded by the World Bank, in light of the efforts made by the Egyptian state during the era of President Abdel Fattah Al-Sisi, to provide decent housing for limited and middle-income people and to enhance the ability of lower-income groups to benefit from the programs. Financing from banking institutions and companies in order to obtain adequate housing and eliminate slums.

In addition to providing 25,000 social housing units in accordance with green building standards, as the first initiative of its kind in Egypt, the social housing financing programme has created job opportunities through the construction and development sector and provided 3 million direct and indirect job opportunities over the course of the programme. In addition to enhancing financial inclusion, with the participation of 22 banks from the financial sector and 8 real estate finance companies.