During her participation in the 6th Arab Ministerial Forum for Housing and Urban Development in Qatar, Ms. May Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, highlighted the fund’s efforts to develop sustainable, eco-friendly housing solutions, Invest-Gate reports.
Speaking at the technical session on “Green Social Housing: Building Homes, Developing Skills, and Financing a Sustainable Future,” Ms. Abdel Hamid emphasized that the fund has been focused on green building practices since 2020, in collaboration with the World Bank. The initiative began with a target of 25,000 sustainable, affordable housing units.
In 2022, the Fund expanded the initiative with a second phase aiming to construct 30,000 more units, bringing the total to 55,000 units. In response to rising demand for housing in Egypt, the target has now been increased to more than 68,000 units this year. The Fund has already certified 25,494 units under the Green Pyramid System, in collaboration with the National Housing Research Center, and an additional 14,376 units under the EDGE global certification with the International Finance Corporation. More than 28,000 new units are expected to be accredited under international standards.
Ms. Abdel Hamid also outlined steps to reduce electricity consumption and minimize carbon emissions. These include using energy-efficient building materials, external walls with a thickness of 25 cm, thermal insulation for roofs, and the adoption of LED lighting and solar power for lighting.
In terms of private sector participation, the Fund has completed 1,194 green housing units and is currently working on 53,364 units, with plans to launch 13,920 more.
The CEO detailed the innovative financing tools used to support this expansion, including World Bank loans, funding from Egyptian banks through mortgage loans, and potential green bond issuance. The Fund also offers units at cost price, without markup, and covers land and infrastructure costs, ensuring affordability for low- and middle-income citizens.
She further mentioned that the Fund has established a comprehensive support system for beneficiaries, offering subsidies based on income limits, with a cap of EGP 160,000. Additionally, efforts are underway to expand housing projects in higher-demand provinces and urban centers, as well as to develop new urban models that are more affordable for beneficiaries.
The focus is also shifting towards urban growth in new cities rather than overcrowded Delta cities, with 85% of the Fund’s projects now located in new cities, reducing unplanned urban sprawl and protecting agricultural land.
Finally, Ms. Abdel Hamid emphasized that the Fund’s projects are designed to meet both current and future needs, with schools, healthcare units, and hospitals incorporated into each development. The Fund is also dedicated to supporting marginalized groups, such as single mothers and independent professionals, ensuring accessibility to public transport and vital infrastructure for better job opportunities.