Egypt’s social housing program has successfully provided residences for 275,000 families, in collaboration with 29 banks and mortgage companies, at a total financing value of EGP 27 bn and a subsidized cost of EGP 4.3 bn, up to last October, Invest-Gate reports.

The announcement came during the 35th African Union for Housing Finance (AUHF) Conference, held under the theme of “Realizing Affordability in Global Housing Markets” from November 4 to 6 in South Africa. Organized in collaboration with the International Union for Housing Finance (IUHF), the five-session event reviewed the main challenges facing home seekers in Africa, wherein affordability comes on top, according to a ministerial statement on November 5.

AUHF Conference is aimed at exchanging experiences between the 13 participating countries and 47 members, besides surveying experts from prestigious international institutions such as the World Bank (WB), the International Finance Corporation (IFC), and the African Development Bank.

During the three-day event, Mai Abdel Hamid, the fund’s CEO, presented the Egyptian experience in developing competently affordable residences for low-income citizens through the state’s social housing program launched in 2014, in addition to reforming the policies hindering investments into the local housing sector. She emphasized that the Egyptian social housing program is placed on top of its kind across the continent.

Abdel Hamid asserted that the state is looking for ways to partner with the private sector, attempting to provide affordable high-quality properties. Moreover, the government is keen on strengthening the levels of governance and institutional structure of the fund, in addition to promoting transparency and accountability in social housing programs.

The CEO highlighted that the government is also working to bolster Egyptian women’s real estate ownership, especially widows and divorcees, noting that 55,000 women-led families have received social housing units, marking 20.5% of total beneficiaries. When it comes to youth, 70% of the recipients are under 40 years old.