The Housing & Development Bank (HDB) is currently financing 50% of social housing projects achieved to this day, Invest-Gate reports.

HDB’s funding rate may decrease in the upcoming period due to the participation of National Bank of Egypt (NBE) and Banque Misr in financing the project, according to Head of HDB Fathy El Sebaey.

The Egyptian real estate sector is specialized in allowing collaboration among banks in funding housing projects under the Central Bank of Egypt’s (CBE) initiative supporting the real estate sector and the Real Estate Fund, El Sebaey stated on Al Asama Channel’s talk show “Lokmt Aeish”.

HDB is currently consulting other banks on their real estate funds, of which around EGP 4.5 bn were funds directed towards social housing projects implemented over eight phases, according to El Sebaey.