Egypt’s Social Housing Fund, IDB seal EGP4b mortgage finance cooperation

Egypt’s Social Housing and Mortgage Finance Support Fund signed a cooperation protocol on Wednesday with the Industrial Development Bank (IDB) to provide 4 billion Egyptian pounds in mortgage financing for low and middle-income citizens, in line with mortgage finance initiatives issued by the Central Bank of Egypt.

The agreement comes as part of the fund’s ongoing efforts to strengthen cooperation with banks and mortgage finance companies, aiming to expand access to affordable housing units offered through its various programmes. The partnership with IDB seeks to activate and widen mortgage finance activity, supporting eligible beneficiaries with diversified financing options offered under eased terms.

The fund highlighted that the protocol supports the state’s efforts to enable citizens to own their first home while reinforcing the sustainability of social housing programmes. It also reflects a clear drive to deepen collaboration with the banking sector to better serve low and middle-income segments.

For its part, the IDB officials reaffirmed their commitment to supporting the mortgage finance system and participating actively in initiatives launched by the Central Bank of Egypt. The bank underscored its focus on providing appropriate financing facilities in line with best banking standards to ensure the effectiveness of the partnership and maximise benefits for citizens.

IDB added that it attaches particular importance to engaging in national initiatives aimed at enhancing social stability and improving living standards, viewing the protocol as a key step in strengthening its role in supporting sustainable development.

Both sides expressed satisfaction with the signing of the protocol and signalled their intention to expand the scope of cooperation in the coming period, with the aim of better meeting citizens’ needs and further advancing mortgage finance in Egypt.

Attribution: Amwal Al Ghad English