Affordable Mortgage Finance DPL

Abstract*

The objective of the Affordable Mortgage Finance Program Development Policy Loan Program for Egypt, Arab Republic of is to reform the current system of inefficient and poorly targeted supply-side subsidies for housing for the broad low and middle income sector and replace them with a transparent and economically efficient demand-side subsidy system. The program faces several risks that would be mitigated as follows: 1) financial and macroeconomic... Show More

Development Objective

The main development objective of the DPL is to reform the current system of inefficient and poorly targeted supply-side subsidies for housing for the broad low and middle income sector and replace them with a transparent and economically efficient demand side subsidy system.

Key Details

Project Details

Project ID
P112346
Status
Closed
Team Leader
Sahar Ahmed Nasr
Borrower 2
Ministry of Housing, Utilities and Urban Development

Country
Egypt, Arab Republic of
Disclosure Date
February 26, 2009
Approval Date
(as of board presentation)
September 24, 2009
Effective Date
April 27, 2010

Total Project Cost 1
US$ 300.00 million
Implementing Agency
Guarantee and Subsidy Fund
Region
Middle East and North Africa
Fiscal Year 3
2010

Commitment Amount
US$ 300.00 million
Environmental Category
N/A
Last Update Date
October 5, 2020
Closing Date
March 31, 2015

Last Stage Reached
BANK APPROVED

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Finance

FY17 - Finance for Development7%
- FY17 - Housing Finance7%
FY17 - Financial Stability54%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring54%

FY17 - Private Sector Development

FY17 - Business Enabling Environment33%
- FY17 - Investment and Business Climate33%

FY17 - Urban and Rural Development

FY17 - Urban Development7%
- FY17 - Urban Planning7%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	300.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	300.00
IDA Commitment	N/A
IBRD + IDA Commitment	300.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	300.00

Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025

No data available.

Detailed Financial Activity as of March 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jul 15, 2022	IBRD-77470	Loan Repay	7,890,000.00
Jan 15, 2022	IBRD-77470	Int Charges	581,145.60
Jan 15, 2022	IBRD-77470	Loan Repay	7,890,000.00
Jan 15, 2023	IBRD-77470	Int Charges	259,878.90
Jan 15, 2023	IBRD-77470	Int Charges	4,115,308.80
Jan 15, 2023	IBRD-77470	Loan Repay	7,890,000.00
Jan 15, 2021	IBRD-77470	Loan Repay	7,890,000.00
Jan 15, 2021	IBRD-77470	Int Charges	826,478.94
Jul 15, 2021	IBRD-77470	Int Charges	701,470.00
Jul 15, 2021	IBRD-77470	Loan Repay	7,890,000.00
Jul 15, 2019	IBRD-77470	Int Charges	4,390,269.50
Jul 15, 2019	IBRD-77470	Loan Repay	7,890,000.00
Jan 15, 2020	IBRD-77470	Int Charges	3,430,066.80
Jan 15, 2020	IBRD-77470	Loan Repay	7,890,000.00
Jul 15, 2020	IBRD-77470	Int Charges	2,832,033.80
Jul 15, 2020	IBRD-77470	Loan Repay	7,890,000.00
Jan 15, 2018	IBRD-77470	Int Charges	2,622,000.00
Jan 15, 2018	IBRD-77470	Loan Repay	7,890,000.00
Jul 15, 2018	IBRD-77470	Int Charges	3,142,941.20
Jul 15, 2018	IBRD-77470	Loan Repay	7,890,000.00
Jan 15, 2019	IBRD-77470	Loan Repay	7,890,000.00
Jan 15, 2019	IBRD-77470	Int Charges	4,067,504.00
Jul 15, 2017	IBRD-77470	Int Charges	2,368,083.20
Jul 15, 2016	IBRD-77470	Int Charges	1,562,166.60
Jan 15, 2017	IBRD-77470	Int Charges	1,824,666.60
Jul 15, 2015	IBRD-77470	Int Charges	675,111.10
Jan 15, 2016	IBRD-77470	Int Charges	935,333.30
Jul 15, 2014	IBRD-77470	Int Charges	412,277.78
Mar 3, 2015	IBRD-77470	Loan Disb	100,000,000.00
Jan 15, 2015	IBRD-77470	Int Charges	439,555.56
Jul 15, 2013	IBRD-77470	Int Charges	563,111.10
Jul 15, 2024	IBRD-77470	Int Charges	6,076,496.00
Jul 15, 2024	IBRD-77470	Int Charges	43,948.86
Jan 15, 2014	IBRD-77470	Int Charges	480,444.44
Jul 15, 2024	IBRD-77470	Loan Repay	7,890,000.00
Sep 24, 2009	IBRD-77470	Loan Commitment	300,000,000.00
Jul 15, 2023	IBRD-77470	Int Charges	290,678.70
Jul 15, 2023	IBRD-77470	Int Charges	5,425,071.50
Jul 15, 2023	IBRD-77470	Loan Repay	7,890,000.00
Jan 15, 2024	IBRD-77470	Int Charges	91,068.08
Jan 15, 2024	IBRD-77470	Int Charges	6,273,703.00
Jan 15, 2024	IBRD-77470	Loan Repay	7,890,000.00
Jul 15, 2022	IBRD-77470	Int Charges	850,642.06

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Progress towards achievement of PDO	Satisfactory	2015-03-31
Monitoring and Evaluation	Satisfactory	2015-03-31
Overall Implementation Progress (IP)	Satisfactory	2015-03-31
Program Management	Satisfactory	2015-03-31

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 08-30-2016
Outcomes
Risk to Development Outcome
Bank Performance
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 11-08-2016	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Satisfactory	N/a
Risk To Development Outcome	High	N/a
Bank Performance	Satisfactory	N/a
Borrower Performance	Moderately Satisfactory	N/a
Government Performance	Satisfactory	N/a
Implementing Agency	Moderately Satisfactory	N/a
Icr Quality	Substantial	N/a
M&e Quality	Modest	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of GSF staff dedicated to the mortgage subsidy program (staff) Value 12 54 90
Date August 24, 2009 March 29, 2015 December 31, 2013
Comment
Average turnaround time to process a mortgage subsidy application Value 6 weeks 3 weeks 3 weeks
Date August 24, 2009 March 29, 2015 December 31, 2013
Comment
Time to register a real estate title Value 3 months 2 months 1 month
Date August 24, 2009 March 29, 2015 December 31, 2013
Comment

Timely and accurate time-series data points to revise the main parameters of the mortgage subsidies program	Value	No data points	Revising the main parameters	Revising the main parameters of the mortgage subsi
	Date	August 24, 2009	March 29, 2015	December 31, 2013
	Comment

Disbursement of subsidized loans per year--minimum (number of subsidized loans) Value 4000.00 14000.00 65000.00
Date August 24, 2009 March 29, 2015 December 31, 2013
Comment
Number of banks participating in program Value 1.00 8.00 5.00
Date August 24, 2009 March 29, 2015 December 31, 2013
Comment
Number of mortgage finance companies participating in program Value 2.00 4.00 6.00
Date August 24, 2009 March 29, 2015 December 31, 2013
Comment
Submission of quarterly reports on process and program indicators Value Quarterly Reports Quarterly reports Quarterly Reports
Date August 24, 2009 March 29, 2015 December 31, 2013
Comment

Improved housing sector information leading to house-price index for selected urban areas.	Value	Better Housing Market Information	House price index to urban areas	House-price index to urban areas
	Date	August 24, 2009	March 29, 2015	December 31, 2013
	Comment

Average turnaround time to process a mortgage subsidy application	Value	6 weeks	3 weeks	3 weeks
	Date	August 24, 2009	March 29, 2015	December 31, 2013
	Comment

Time to register a real estate title	Value	3 months	2 months	1 month
	Date	August 24, 2009	March 29, 2015	December 31, 2013
	Comment

Disbursement of subsidized loans per year--minimum (number of subsidized loans)	Value	4000.00	14000.00	65000.00
	Date	August 24, 2009	March 29, 2015	December 31, 2013
	Comment

Number of banks participating in program	Value	1.00	8.00	5.00
	Date	August 24, 2009	March 29, 2015	December 31, 2013
	Comment

Number of mortgage finance companies participating in program	Value	2.00	4.00	6.00
	Date	August 24, 2009	March 29, 2015	December 31, 2013
	Comment

Submission of quarterly reports on process and program indicators	Value	Quarterly Reports	Quarterly reports	Quarterly Reports
	Date	August 24, 2009	March 29, 2015	December 31, 2013
	Comment