Mai Abdelhamed, Chairman of the Social Housing and Mortgage Finance Fund (SHMFF), participates in a symposium on the success of the Housing for All Egyptians initiatives, on the sidelines of the 38th Annual African Union Housing Finance (AUHF) Conference, Invest-Gate reports.

Abdelhamed welcomes the attendees of the event including representatives of local and international entities.

She notes that the World Bank supported the completion of 612,000 housing units since 2014, adding that around 250,000 units are under construction through the SHMFF.

Since 2014, units of Housing for All Egyptians received around EGP 7.3 bn worth of financial support, Abelhamed reveals, noting that the initiative serves around 2.5 mn citizens.

Maria Smith, Advisor at the World Bank, explores the strong ties between the bank and Egypt for more than a decade that support the affordable housing finance agenda.

She adds that the bank is currently supporting Egypt’s Housing for All Egyptians program with $1 bn to help the country offer more opportunities for low-income Egyptians to secure housing at affordable prices.

Furthermore, Abdelhamid comments that after 2014, the program was achieving positive results with a low default ratio which encouraged more banks to participate.

So far, total financing provided by banks and companies to the program reached EGP 53 bn, SHMFF’s Chairman unveils.