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May Abdel Hamid: In Egypt, mortgage market for low-income families exceeded $2.5B

In Egypt, access to the state housing program is limited for those who already own a home, May Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund of Egypt, said at an event as part of WUF13 in Baku, Olaylar informs.

According to her, over the years, the Fund has attracted a total of $1.2 billion in subsidies from the World Bank and built a targeted support system.

"We have created a system to ensure that the subsidy actually reaches those in need. Different subsidy amounts apply to different income categories. Every year, we set an income ceiling and do not allow people who already own a home to participate in the program," Abdel Hamid said.

She added that the mortgage market for low-income beneficiaries in the country has exceeded $2.5 billion.

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