World Bank to present mortgage system plans in Egypt

The World Bank will present, at the “Development Partners Initiative” conference on Tuesday, its plans for developing a mortgage system in Egypt in the upcoming period, according to press release Sunday.

The World Bank has pledged its support for Egypt’s housing sector for over 10 years, and has cooperated with the Egyptian government in developing the social housing programme. This was launched to provide low-income citizens with 1m housing units, with an amount of $500m, to serve more than 3.6 million citizens.

During the conference, banking leaders will discuss the Central Bank of Egypt’s (CBE) initiative to support financing low-income and middle-income housing to activate the real estate sector in Egypt. Additionally, they will discuss the obstacles commercial banks face in participating in developing this sector.