Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities, chaired a meeting of the Board of Directors of the Social Housing and Mortgage Finance Fund to review the progress of housing units for low and middle-income citizens under President Abdel Fattah El-Sisi’s “Housing for All Egyptians” initiative, Invest-Gate reports.

El-Gazzar reported that one million housing units have been completed or are under construction for low-income individuals. Additionally, 55,500 units are being built as part of the Green Housing Program in cities including New Obour, 10th of Ramadan, Capital Gardens, New Aswan, New October, and Badr. For middle-income citizens, 28,000 units are being developed in new cities and governorates under the same initiative.

Mai Abdel Hamid, CEO of the Mortgage Finance Fund (MFF), provided a financial overview of the initiative. Since June 1, 2014, 17 announcements have been made, attracting 1.6 mn applicants. To date, mortgage financing for beneficiaries has reached approximately EGP 70 bn, facilitated by 22 banks and eight companies, with cash support totalling EGP 9.5 bn.

Abdel Hamid highlighted performance indicators, stating that the average cash subsidy per client is EGP 16,500, with an average mortgage financing per client at EGP 123,000. The funding covers 67% of the housing unit price, with an average mortgage duration of 19 years. The average age of beneficiaries is 40 years, with a monthly income of EGP 2,450. Among the beneficiaries, 76% are men and 24% women; 48% work in the private sector, 29% in government, 22% are self-employed, and 1% are retirees. Marital status statistics show that 56% are married with dependents, 16% are married without dependents, 22% are single, 2% are widowed, and 4% are divorced.