World Bank financing for ‘Housing for All Egyptians’ initiative to reach $1bn by 2026-end

2026-03-03 - 17:34

President of the World Bank Group, Ajay Banga, has visited a residential project under the presidential “Housing for All Egyptians” initiative in 10th of Ramadan City. During the tour, Banga inspected a model housing unit that has been delivered to beneficiaries and held extended discussions with several families. He listened to their feedback on how the project has improved their living conditions and positively impacted their children’s lives compared to their previous housing situations. The World Bank Group President commended the quality standards of the units provided to low-income citizens and highlighted the availability of integrated services near residential areas. He also engaged with contractors, engineers and project staff, applauding their efforts and the significant developmental impact of their work. At a press conference following the visit, Banga affirmed his intention to explore further avenues of cooperation with the Egyptian government to promote growth and prosperity. While noting that many social housing programs exist worldwide, Banga described Egypt’s initiative as the largest of its kind globally financed by the World Bank. “Ten years ago, there was virtually no local mortgage market in Egypt. Today, it is a multi-billion-pound sector—and this is only the beginning,” he said, pointing to strong potential for further expansion. Banga also highlighted the government’s collaboration with the private sector in delivering the housing units, emphasizing its role in creating employment opportunities for young people across construction-related industries. He stressed that such integrated efforts are essential to achieving sustainable development. For her part, Minister of Housing, Utilities and Urban Communities Randa El-Menshawy described the initiative as one of the most significant programs launched by the Egyptian state to provide affordable housing with subsidized prices and accessible financing schemes for low- and middle-income citizens. El-Menshawy said that the visit underscores the importance of the initiative to the World Bank and serves as a global testament to its success, noting growing international interest in Egypt’s experience. Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund stated that the World Bank has been a key partner in the initiative since its launch in 2015, providing not only concessional financing but also extensive technical support to the Social Housing and Mortgage Finance Fund. She revealed that $850m of the total World Bank financing has already been disbursed, with an additional $150m planned for release this year. She also highlighted the initiative’s contribution to financial inclusion, noting that 65% of beneficiaries engaged with banks for the first time, while the default rate remains below 1%. The fund currently cooperates with 32 financing entities. Abdel Hamid further noted that the Alliance for Financial Inclusion (AFI) issued an international study on the initiative following a field visit by central bank officials from several countries.