Egypt: 22 banks, 8 companies offer $1.45bln in mortgage finance since June 2014

PHOTO

Egypt - Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund (MFF), reviewed the financial status of implementing the “Housing for All Egyptians” presidential initiative and the status of citizens’ files who applied for housing units.

Since 1 June 2014, a total of 17 announcements have been made, with 1.6 million citizens applying for reservations.

The mortgage financing granted to beneficiaries has reached approximately EGP 70bn, distributed through 22 banks and 8 companies, with cash support amounting to EGP 9.5bn.

Abdel Hamid also highlighted key performance indicators for the fund. The average cash support granted to a single client was EGP 16,500, while the average mortgage financing per client stood at EGP 123,000.

The average financing percentage of the housing unit price was 67%, and the typical mortgage financing duration was 19 years. Beneficiaries had an average age of 40 years, with a monthly income of EGP 2,450.

Notably, 76% of beneficiaries were male, and 24% were female. Among the beneficiaries, 48% were from the private sector, 22% were self-employed, 29% were from the government sector, 1% were retirees, 56% were married with dependents, 16% were married without dependents, 22% were single, 2% were widowed, and 4% were divorced.

Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities, chaired the meeting of the Social Housing and Mortgage Finance Support Fund Board.

During the meeting, the implementation status of housing units for low- and middle-income groups under the “Housing for All Egyptians” initiative by President Abdel Fattah Al-Sisi was reviewed, along with performance indicators. Specifically, one million housing units have been and are being implemented under the “Housing for All Egyptians Low-Income Axis” initiative.

Additionally, 55,500 housing units are being executed and assigned under the Green Housing Program in new cities such as Obour, 10th of Ramadan, Capital Gardens, New Aswan, New October, New Obour, Badr, and 15 May. Furthermore, 28,000 housing units have been and are being implemented in new cities and governorates as part of the “Housing for All Egyptians Middle-Income Axis” initiative.