Egypt: New housing finance brings hope to more than 3.6 million people

Egypt needs about 300,000 new homes a year, plus more to deal with a backlog. Relatively little building, houses left empty, and low incomes have led to informal housing. About 12–20 million people live in informal housing areas. The new US$500 million Inclusive Housing Finance Program will improve access to home ownership and rental property for low-income households. More than 3.6 million people should benefit, including 1.6 million people living below the Household Poverty Line.