Mai Abdel Hamid, the Head of the Social Housing and Mortgage Finance Fund, participates in a symposium titled “Acceleration of Financing for Green Buildings: Successful Examples and New Ideas for Participation of Public and Private Sectors” organized by the International Finance Corporation (IFC), Invest-Gate reports.

During the event held on the sidelines of the UN Climate Change Conference (COP27), Abdel Hamid notes that building eco-friendly green housing units has been a huge dream domestically, due to the great benefits it offers in saving energy and improving the quality of life for citizens.

She adds that building green units requires higher costs of up to 15%, but it has benefits in the medium range, owing to the major savings in the use of water and electricity resulting from reliance on solar energy and renewable resources.

Green buildings could save over 20% of citizens’ daily utility bills, Abdel Hamid notes.

The top official remarks that support of international institutions like the World Bank and the IFC contribute to turning such a dream into reality.

Moreover, Abdel Hamid unveiled that Egypt’s green urbanization program aims to build 25,000 green social housing units in its first phase which ends in 2024.

She says that Egypt’s ambitious social housing project aims to complete one mn units for low-income citizens by the end of 2024.