Egypt allocates $352.1 mln to support social housing programme in FY21 budget

Egyptian government on Wednesday allocated around 5.7 billion Egyptian pounds ($352.1 million) to support its social housing programme within the financial year 2020/2021 new budget.

In 2014, Egypt launched the social housing programme to provide one million houses to low income citizens. The Social Housing and Mortgage Finance Fund is the programme’s implementing entity that was created by the government to plan and supervise the implementation of social housing projects, secure suitable residences for low income citizens, and manage the land used in low and middle-income housing flagships.

The fund is responsible for reforming the policies that stop the housing sector from attracting investments, as well as streamlining all the efforts aiming at enabling the sector to fulfill its potential.