World Bank loans Egypt $300 million for housing program

Approximately 75 percent of newly formed households cannot afford to acquire a formal sector house without a subsidy and have to rent or own in the informal sector. Current supply side subsidies targeted to this income group and channeled through developers are not always efficient, transparent, or equitable.

The Affordable Mortgage Finance Program will gradually replace the supply-side subsidies that had been commonly used and move towards a more inclusive, transparent and efficient demand-side subsidy program for low and middle-income households.

The Program is one of the key outcomes of the strong partnership established between the Ministry of Investment, and the Ministry of Housing, Utilities and Urban Development, and the World Bank. Implementation of this operation will be led by the Guarantee and Subsidy Fund (GSF) under the Ministry of Investment.

The Gov Monitor

Related posts:

1. Egyptian Central Bank lowers interest rate to 10%
2. Economic news updates on Egypt
3. Mass Internet outages in Egypt after cables cut
4. 100 free courses to teach yourself World History
5. Discovery World celebrates Egypt

Tags: economy, guarantee and subsidy fund (GSF), housing, Middle class, real estate, World Bank

This entry was posted on Tuesday, September 29th, 2009 at 3:56 pm and is filed under Modern Egypt. You can follow any responses to this entry through the RSS 2.0 feed.