President of the World Bank Group, Ajay Banga, visited a residential project under Egypt's 'Housing for All Egyptians' initiative in 10th of Ramadan City. During the tour, Banga inspected a model housing unit and held discussions with several families about improvements in their living conditions. He praised the quality of units provided to low-income citizens and the integrated services nearby, noting the initiative as the largest World Bank-financed social housing program globally.
President of the World Bank Group, Ajay Banga, arrived in 10th of Ramadan City to inspect a residential project under the presidential 'Housing for All Egyptians' initiative. During the tour, Banga examined a model housing unit handed over to beneficiaries and engaged in lengthy talks with families, hearing their comments on how the project has enhanced their living situations and positively affected their children's lives compared to prior accommodations.
Banga commended the quality standards of the units offered to low-income citizens, pointing out the presence of integrated services close to residential zones. He also met with contractors, engineers, and project workers, praising their dedication and the substantial developmental effects of their contributions.
In a press conference after the visit, Banga expressed his plan to pursue additional cooperation channels with the Egyptian government to foster growth and prosperity. He stated: "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," emphasizing the strong potential for expansion. He also underscored the partnership between the government and private sector in constructing the units, and its importance in generating jobs for young people in construction industries, viewing such combined efforts as vital for sustainable development.
For her part, Minister of Housing, Utilities and Urban Communities Randa El-Menshawy described the initiative as one of the state's most prominent programs to deliver affordable housing at subsidized prices with financing accessible to low- and middle-income citizens. El-Menshawy noted that the visit highlights the initiative's significance to the World Bank and stands as a global endorsement of its success, with rising international interest in Egypt's model.
Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, indicated that the World Bank has been a major partner since the initiative's start in 2015, offering concessional financing and broad technical assistance to the fund. She disclosed that $850 million of the total World Bank funding has been disbursed, with an extra $150 million scheduled for this year, bringing the total to $1 billion by the end of 2026. Abdel Hamid highlighted the initiative's role in financial inclusion, as 65% of beneficiaries interacted with banks for the first time, while the default rate stays under 1%, and the fund now works with 32 financing entities. Additionally, the Alliance for Financial Inclusion released an international study on the initiative following a field visit by central bank officials from various countries.