Egypt's Social Housing and Mortgage Finance Support Fund signed a renewed cooperation agreement with Bank NXT to expand mortgage financing under the state-backed Housing for All Egyptians initiative, the ministry of housing said on Sunday. The revised agreement raises the financing ceiling to 2 billion Egyptian pounds, up from 800 million pounds under the previous protocol signed in August 2023. Mai Abdel Hamid, CEO of the fund, said Bank NXT remains a key partner in providing affordable mortgage solutions to low- and middle-income applicants across the country. She added that more than 2.1 million citizens have applied for housing units through the fund, prompting the launch of a new digital system to streamline mortgage financing procedures, expected to go live soon. The initiative is part of President Abdel Fattah El-Sisi's wider national housing strategy aimed at improving access to homeownership for underserved segments. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
