Inclusive Housing Finance Program

Abstract*

The project development objective of the Inclusive Housing Finance Program-for-Results is to improve the affordability of formal housing for low-income households in the Arab Republic of Egypt and to strengthen the Social Housing Fund's capacity to design policies and coordinate programs in the social housing sector. The SHF has the mandate to finance, manage and release social housing units using dedicated resources from multiple sources, and provide... Show More

Development Objective

The objective of the Program is to improve the affordability of formal housing for low-income households in the Arab Republic of Egypt and to strengthen the SHMFF's capacity to design policies and coordinate programs in the social housing sector.

Key Details

Project Details

Project ID
P150993
Status
Active
Team Leader
Laila Ahmed , Rinku Chandra, Alia Eldidi
Borrower 2
Arab Republic of Egypt

Country
Egypt, Arab Republic of
Disclosure Date
January 29, 2015
Approval Date
(as of board presentation)
May 5, 2015
Effective Date
November 11, 2015

Total Project Cost 1
US$ 500.00 million
Implementing Agency
Social Housing and Mortgage Finance Fund
Region
Middle East and North Africa
Fiscal Year 3
2015

Commitment Amount
US$ 1000.00 million
Environmental Category
N/A
Last Update Date
March 20, 2024
Closing Date
December 31, 2025

Last Stage Reached
BANK APPROVED

Associated Projects
P168582

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 Development15%
- FY17 - Housing Finance15%
FY17 - Financial Stability70%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring70%

FY17 - Urban and Rural Development

FY17 - Urban Development15%
- FY17 - Urban Planning15%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
International Bank for Reconstruction and Development	1000.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	1000.00
IDA Commitment	N/A
IBRD + IDA Commitment	1000.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	500.00

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

No data available.

Detailed Financial Activity as of February 28, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jul 15, 2022	IBRD-84980	Loan Repay	6,889,079.00
Jul 15, 2022	IBRD-84980	Int Charges	112,037.49
Apr 1, 2023	IBRD-90330	Int Charges	642,455.00
Apr 4, 2023	IBRD-90330	Loan Disb	10,642,628.00
Apr 1, 2023	IBRD-90330	Int Charges	351,300.90
Apr 1, 2023	IBRD-90330	Int Charges	29,320.53
Apr 1, 2023	IBRD-90330	Int Charges	5,775,433.00
Oct 1, 2022	IBRD-90330	Int Charges	429,119.56
Oct 1, 2022	IBRD-90330	Int Charges	2,006,726.40
Jan 15, 2023	IBRD-84980	Int Charges	436,790.38
Jan 15, 2023	IBRD-84980	Int Charges	113,462.05
Jan 15, 2023	IBRD-84980	Int Charges	8,395,618.00
Jan 15, 2023	IBRD-84980	Loan Repay	6,896,351.50
Jul 15, 2023	IBRD-84980	Int Charges	497,455.72
Jul 15, 2023	IBRD-84980	Int Charges	111,542.11
Jul 15, 2023	IBRD-84980	Int Charges	10,759,849.00
Jul 15, 2023	IBRD-84980	Loan Repay	6,896,351.50
Oct 1, 2023	IBRD-90330	Int Charges	126,508.52
Oct 1, 2023	IBRD-90330	Int Charges	340,110.06
Oct 1, 2023	IBRD-90330	Int Charges	7,444,110.00
Jan 15, 2024	IBRD-84980	Int Charges	158,673.19
Dec 1, 2020	IBRD-90330	Loan Disb	116,000,000.00
Jan 15, 2021	IBRD-84980	Loan Repay	6,245,506.50
Jan 15, 2021	IBRD-84980	Int Charges	21,381.52
Jan 15, 2021	IBRD-84980	Int Charges	226,430.19
Jan 15, 2021	IBRD-84980	Int Charges	159,574.60
Jan 15, 2021	IBRD-84980	Int Charges	2,518,250.50
Jul 15, 2021	IBRD-84980	Int Charges	157,370.10
Jul 15, 2021	IBRD-84980	Int Charges	2,307,907.20
Jul 15, 2021	IBRD-84980	Loan Repay	6,245,506.50
Apr 1, 2021	IBRD-90330	Int Charges	606,920.70
Apr 1, 2021	IBRD-90330	Int Charges	663,010.80
Aug 26, 2021	IBRD-84980	Loan Disb	36,566,616.00
Oct 1, 2021	IBRD-90330	Int Charges	458,440.10
Oct 1, 2021	IBRD-90330	Int Charges	982,710.00
Jan 15, 2020	IBRD-84980	Int Charges	10,905.41
Jan 15, 2020	IBRD-84980	Int Charges	159,812.64
Jan 15, 2020	IBRD-84980	Int Charges	224,603.48
Jul 15, 2016	IBRD-84980	Int Charges	464,634.56
Jul 15, 2016	IBRD-84980	Int Charges	1,104,196.50
Nov 11, 2015	IBRD-84980	Loan Disb	1,250,000.00
Nov 11, 2015	IBRD-84980	Fee Charges	1,250,000.00
Jan 15, 2017	IBRD-84980	Int Charges	469,838.34
Jan 15, 2017	IBRD-84980	Int Charges	1,219,575.00
Dec 4, 2020	IBRD-90330	Loan Disb	17,000,000.00
Jul 15, 2020	IBRD-84980	Int Charges	200,219.69
Jul 15, 2020	IBRD-84980	Int Charges	4,635,808.50
Jul 15, 2020	IBRD-84980	Loan Repay	5,373,141.00
Jan 15, 2019	IBRD-84980	Int Charges	228,097.34
Jan 15, 2019	IBRD-84980	Int Charges	304,913.97
Jan 15, 2019	IBRD-84980	Int Charges	4,616,360.00
May 16, 2018	IBRD-84980	Loan Disb	52,771,304.00
Jan 15, 2019	IBRD-84980	Int Charges	21,686.83
Jun 20, 2019	IBRD-84980	Loan Disb	63,687,568.00
Jul 15, 2019	IBRD-84980	Int Charges	289,037.12
Jul 15, 2019	IBRD-84980	Int Charges	5,008,177.50
Jul 15, 2017	IBRD-84980	Int Charges	463,347.62
Jul 15, 2017	IBRD-84980	Int Charges	1,440,898.20
Aug 11, 2017	IBRD-84980	Loan Disb	79,036,096.00
Jan 15, 2018	IBRD-84980	Int Charges	2,385,810.80
Jan 15, 2018	IBRD-84980	Int Charges	386,036.53
Jul 15, 2018	IBRD-84980	Int Charges	343,677.66
Jul 15, 2018	IBRD-84980	Int Charges	2,931,257.20
Dec 21, 2015	IBRD-84980	Loan Disb	125,000,000.00
Jul 15, 2016	IBRD-84980	Int Charges	522,462.00
Jul 15, 2016	IBRD-84980	Int Charges	116,671.86
Mar 20, 2020	IBRD-90330	Loan Commitment	500,000,000.00
May 5, 2015	IBRD-84980	Loan Commitment	500,000,000.00
Jan 15, 2024	IBRD-84980	Int Charges	113,367.31
Jan 15, 2024	IBRD-84980	Int Charges	12,444,798.00
Jan 15, 2024	IBRD-84980	Loan Repay	6,896,351.50
Apr 1, 2024	IBRD-90330	Int Charges	119,609.09
Apr 1, 2024	IBRD-90330	Int Charges	339,429.62
Apr 1, 2024	IBRD-90330	Int Charges	8,139,452.00
Jul 15, 2024	IBRD-84980	Int Charges	78,041.10
Jul 15, 2024	IBRD-84980	Int Charges	111,851.92
Jul 15, 2024	IBRD-84980	Int Charges	12,274,987.00
Jul 15, 2024	IBRD-84980	Loan Repay	6,896,351.50
Apr 1, 2022	IBRD-90330	Int Charges	455,934.94
Apr 1, 2022	IBRD-90330	Int Charges	943,404.56
Jan 15, 2022	IBRD-84980	Int Charges	124,413.63
Jan 15, 2022	IBRD-84980	Int Charges	2,312,426.50
Jan 15, 2022	IBRD-84980	Loan Repay	6,889,079.00
Aug 10, 2022	IBRD-84980	Loan Disb	399,600.00
Aug 11, 2022	IBRD-90330	Loan Disb	83,937,184.00
Jul 15, 2022	IBRD-84980	Int Charges	2,784,255.50
Jan 15, 2020	IBRD-84980	Int Charges	5,262,317.50
Oct 27, 2020	IBRD-90330	Loan Disb	1,250,000.00
Oct 27, 2020	IBRD-90330	Fee Charges	1,250,000.00
May 15, 2020	IBRD-84980	Loan Disb	51,315,624.00

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Progress towards achievement of PDO	Moderately Satisfactory	2024-11-05
Monitoring and Evaluation	Moderately Satisfactory	2024-11-05
Overall Implementation Progress (IP)	Moderately Satisfactory	2024-11-05

COMPLETION RATINGS

No data available.

INDEPENDENT EVALUATION RATINGS

No data available.

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

1.1 Number of targeted households accessing ownership and rental housing units with support from the Program Value 0.00 567777.00 1052400.00
Date April 1, 2015 May 2, 2024 December 31, 2024
Comment
1.2 female-headed households as a percentage of benefeciaries Value 0.00 23.60 24.00
Date April 1, 2015 April 29, 2018 June 30, 2020
Comment
2. Percentage of Program beneficiaries in bottom 20% of the income distribution Value 0.00 84.00 50.00
Date April 1, 2015 May 2, 2024 December 31, 2024
Comment
3. Percentage of income spent on housing costs by Program beneficiaries Value 0.00 41.50 30.00
Date April 1, 2015 May 2, 2024 December 31, 2024
Comment
4. Establishment of a housing M&E system functioning and informing the Multi-Year Plan and Annual Targets Value No Yes Yes
Date April 1, 2015 May 2, 2024 December 31, 2024
Comment
5. Development, adoption and implementation of an alternative system that progressively phases out the interest rate subsidy Value No No Yes
Date May 31, 2019 May 2, 2024 December 31, 2024
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

1.1. Completed executive by-laws, organizational structure, financing model, fiduciary arrangements, operating systems for the SHMFF Value No Yes Yes
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
2.1. Mechanism to monitor occupancy of housing post-subsidy established and functioning as per DLI definition Value No Yes Yes
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
5.1. Number of demand-side subsidies supporting the purchase or rental of housing units developed by the private sector Value 0.00 2697.00 250000.00
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment

4.1. Percent of demand-side subsidies supporting the purchase or rental of housing units within a 60 minute travel time to an employment center	Value	0.00	100.00	50.00
	Date	August 10, 2015	May 2, 2024	December 31, 2024
	Comment

3.1. Number of households receiving demand side home ownership subsidies for new units under the AMP Value 0.00 564072.00 950000.00
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
1.2. SHMFF fully staffed as per organizational plan Value No Yes Yes
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
3.1.1. Female- headed households as percentage of beneficiaries Value 0.00 23.60 0.00
Date
Comment
5.2. PPP guidelines publicly disseminated Value No Yes Yes
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
2.2. Percentage of rental housing units occupied by targeted beneficiaries at least 1 year after lease Value 0.00 93.33 75.00
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment

4.2. Percent of demand-side subsidies supporting the purchase or rental of housing units within a 45 minute travel time to an employment center	Value	0.00	100.00	50.00
	Date	August 10, 2015	May 2, 2024	December 31, 2024
	Comment

1.3. Internal audit function providing assurance services for the ownership and rental programs affiliated with the SHMFF established and operating	Value	No	Yes	Yes
	Date	August 10, 2015	May 2, 2024	December 31, 2024
	Comment

5.3. Percentage of demand side subsidy supporting the purchase or rental of housing units developed by private sector Value 0.00 0.48 43.00
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment

2.3. Percentage of ownership housing units occupied by low-income households after at least 1 year of receiving subsidies under theAMP	Value	0.00	93.33	85.00
	Date	August 10, 2015	May 2, 2024	December 31, 2024
	Comment

3.2. Number of households participating in rental subsidy programs Value 0.00 3705.00 102400.00
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment

4.3. Percent of demand-side subsidies supporting the purchase or rental of housing units within a 30 minute travel time to an employment center	Value	0.00	100.00	15.00
	Date	August 10, 2015	May 2, 2024	December 31, 2024
	Comment

3.2.1. Female-headed households as percentage of beneficiaries Value 0.00 0.00 0.00
Date
Comment
4.4. Percentage of land made available for SHMFF developments that complies with location and service criteria stated in Law Value 0.00 100.00 100.00
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
2.4. Establish a unified social programs and beneficiary databases Value No Yes Yes
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
1.4. Adequate staffing of social officers per organizational plan Value No Yes Yes
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
3.3. Number of previously vacant units occupied 1 year after inclusion into the Program Value 0.00 83071.00 30000.00
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
2.5. Establishment of a functioning accountability and transparency mechanism in SHMFF as per DLI definition Value No Yes Yes
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment

1.5. Number of capacity building and training workshops conducted for the hired social workers at the Central and Governorate level	Value	0.00	135.00	27.00
	Date	August 10, 2015	May 2, 2024	December 31, 2024
	Comment

2.6. Average time required to resolve complaints in AMP Value 60.00 20.00 20.00
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
2.7. Percentage of resolved complaints received by SHMFFF and Governorate housing offices Value 0.00 97.00 90.00
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment
2.8. Annual published reports on complaints and how issues were resolved, including resolution rates Value No Yes Yes
Date August 10, 2015 May 2, 2024 December 31, 2024
Comment

2.6. Average time required to resolve complaints in AMP	Value	60.00	20.00	20.00
	Date	August 10, 2015	May 2, 2024	December 31, 2024
	Comment

1.2 female-headed households as a percentage of benefeciaries	Value	0.00	23.60	24.00
	Date	April 1, 2015	April 29, 2018	June 30, 2020
	Comment

3.1.1. Female- headed households as percentage of beneficiaries	Value	0.00	23.60	0.00
	Date
	Comment

Inclusive Housing Finance Program

Abstract*

Development Objective

Key Details

Project Details

Sectors

Themes

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Project Map

Finances

Financing Plan (US$ Millions)

Total Project Financing (US$ Millions)

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

Detailed Financial Activity as of February 28, 2025

Ratings

IMPLEMENTATION RATINGS

COMPLETION RATINGS

INDEPENDENT EVALUATION RATINGS

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INTERMEDIATE RESULTS INDICATORS