Hamid: Egypt developed mechanism for identifying recipients of housing support

Egypt has developed a mechanism for identifying beneficiaries for housing policy purposes, May Abdel Hamid, CEO of the Egyptian Social Housing and Mortgage Finance Fund, said at an event during WUF13 in Baku, Report informs.

According to her, the Fund faced significant challenges in its initial stages, including banks' mistrust of potential low-income borrowers.

"Before the Fund's creation, we had $200 million in subsidies from the World Bank. The money was in my accounts in 2010, but I couldn't find any houses to allocate the subsidy to. So, first, we had to build the houses, identify the right types of housing, and create a mechanism for identifying eligible beneficiaries," Abdel Hamid said.