Housing for All Egypt sees 31 banks, defaults at 0.5

The article focused on the presidential initiative "Housing for All Egyptians" launched by President Abdel Fattah El Sisi in 2014, aimed at implementing one million housing units. The Social Housing and Mortgage Support Fund led efforts to develop and expand the program. Since its inception, bank participation increased from 4 to 31 banks and finance companies, and the default rate decreased to 0.5%. Additionally, cooperation was strengthened with internal and external entities such as the Central Bank, the Ministry of Finance, the World Bank, and the International Finance Corporation, which helped diversify housing options and facilitate access to units at reasonable prices and benefits. The initiative targets various groups, including private sector workers and freelancers, with a focus on empowering women, accounting for 24%, and citizens with special needs, comprising 5%. The initiative also launched the "Green Architecture" program to provide environmentally friendly units, with over 41,000 units receiving local and international certification. The Social Housing Fund established a supported rental program for 15,000 units. The program aims to promote financial inclusion and facilitate homeownership, with a forward plan to involve the private sector in implementing more projects.

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