Fourteen local banks have committed to $470m-worth of financing to support mortgages for low and middle income housing, according to May Hamid, head of the Mortgage Finance Fund (MFF) and CEO of the Social Housing Fund in Egypt.

Speaking on the side lines of a conference organised by the American Chamber of Commerce in Egypt on 12 October, Hamid said that the financing deal is “within the framework of the mortgage funding initiative.”

Hamid added that 17 banks have signed protocol agreements with the MFF, but only 14 have injected funding to low and middle-income housing. She also said that number of companies, including the Egyptian Mortgage Refinance Company will be joining the Central Bank of Egypt (CBE) in a mortgage financing initiative in the coming period.

Earlier this year the state-run Social Housing Fund said it expected to receive a loan from Four Egyptian banks worth E£20bn ($2.25bn). The loan will come from the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Housing and Development Bank (HDB).

NBE, Banque Misr, and Banque du Caire are contributing around E£6.33bn each to the loan; while the HDB’s share will amount to one E£1bn.

Egypt’s government in April had set a new timeline for the completion of public and middle-income housing units, according to a cabinet statement, which said that Egypt has committed to delivering about 300,000 units by the end of 2016. Cairo also plans to deliver about 750,000 housing units by the end of 2018, in addition to the 135,000 units for those currently living in informal housing.