The Green Urbanization initiative launched by the Social Housing Mortgage Finance Fund (SHMFF) wins the SHARKROOM award for best housing innovation in Africa during the 38th Annual African Union Housing Finance (AUHF) Conference, Invest-Gate reports.

Assem El-Gazzar, Minister of Housing, Utilities, and Urban Communities, notes that the initiative aims to build eco-friendly residential units for low-income citizens, referring to the challenges facing the initiative amid rising building costs.

Mai Abdelhamid, CEO of the Social Housing Mortgage Finance Fund (SHMFF), reveals that the Green Urbanization initiative enters a competition with 9 other initiatives in different African countries.

She adds that the presidential program “Housing for All Egyptians” and its affiliated initiatives, including the Green Urbanization initiative, gain the trust of international institutions.

Abdelhamid says that the Green Urbanization initiative aims to build 25,000 residential units under the Green Pyramid Rating System (GPRS).

She notes that the initiative helps reduce energy consumption by 24-50% and carbon emissions by 33-39% and cut water consumption and solid waste to 40% and 70%, respectively.