Cairo: Egypt has successfully provided housing to more than 800,000 families with the assistance of World Bank subsidies, as revealed by May Hamid, Chief Executive Officer of Egypt's Social Housing and Mortgage Finance Fund. This announcement was made during the session titled 'A New Deal for Housing Finance' at WUF13.

According to Azeri-Press News Agency, May Hamid highlighted the challenges faced in developing a housing system for low-income populations in Egypt, primarily due to market fragmentation and the involvement of numerous institutions. Initially, the World Bank allocated $200 million for subsidies, but a shortage of suitable housing impeded progress.

In 2014, the Egyptian government established a special fund to coordinate housing construction, mortgage financing, and subsidy provision, effectively streamlining the process. Over the past 10-12 years, this initiative has successfully housed more than 800,000 families.

May Hamid noted that the $1.2 billion in subsidies from the World Bank facilitated the attraction of larger-scale financing from private banks. The previously underdeveloped mortgage market in Egypt has now expanded, with financing surpassing $2.5 billion for low-income families.

Initially, the program involved only three state banks. However, it has since grown to include participation from over 32 financial institutions, encompassing both foreign and regional banks.