Partnership for Development Initiative; a Key Boost to PPP in Egypt

Partnership for Development Initiative is the first of its kind in Egypt aiming to bolster a sustainable partnership between the private sector, the state, the civil society, and mass media, secretary-general Dina Abdel Fattah said Tuesday.

Egypt’s second conference of “Partnership for Development” initiative has started today in Cairo, with the theme “Mortgage Development Partners”.  The event is being organised today under the auspices of the country’s regulator, the Egyptian Financial Supervisory Authority (EFSA) and the Mortgage Finance Fund (MFF).

The conference displays the means to activate partnerships between governmental bodies related to mortgage systems and the private sector represented in banks, with the aim of providing affordable housing units for all social classes.

It further analyses and assesses the Central Bank of Egypt’s 10-billion pounds initiative launched in February 2013 to stimulate the mortgage sector.

The CBE’s initiative was intended to provide chances to low and average-income individuals to acquire housing units, under Mortgage Finance Fund regulations, at 7 and 8 percent interest, respectively.

Egypt’s real estate sector is a main contributor to its economic growth, affecting more than 90 industries.