In a bid to expand financial inclusion and support sustainable local development, Egypt’s Minister of Local Development, Dr. Manal Awad, held a high-level meeting this week with Ms. Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Support Fund, along with senior representatives from the Financial Regulatory Authority (FRA), and officials from the Ministries of Justice and Interior.
The meeting, held at the Ministry’s headquarters, focused on unlocking the potential of non-banking financial services (NBFS) — including mortgage finance, leasing, factoring, consumer finance, and various forms of insurance — to support citizens in Egypt’s governorates and accelerate economic and social development.
Driving Financial Inclusion Beyond Major Cities
The discussions emphasized the importance of delivering financial and insurance products to underserved and rural communities, aligning with Egypt’s broader national strategy for financial inclusion and inclusive economic growth.
“Our goal is to deliver smart, sustainable, and accessible financial tools to all Egyptians — not just those in urban centers,” said Dr. Manal Awad.
She reiterated the Ministry’s commitment to collaborating with the FRA and the Social Housing Fund to integrate modern financial tools into governorate-level services, ensuring that unbanked populations and vulnerable groups gain access to affordable and reliable financial solutions.
Focus on Insurance for Social Housing Projects
A key highlight of the meeting was the proposal under review by the Egyptian Cabinet that introduces an insurance risk coverage system for potential demolition or removal of social housing units.
Such coverage is designed to mitigate the economic risks faced by low-income families residing in government-subsidized housing, offering a financial safety net that reinforces long-term housing stability.
“Expanding insurance coverage, especially in social housing, is critical to building economic resilience for vulnerable families,” Minister Awad said.
Empowering Local Authorities with Innovative Financial Tools
The meeting also explored ways in which local administrations, including governorate offices and agencies affiliated with the Ministry of Local Development, can leverage non-banking financial products to:
- Enhance community resilience through insurance schemes,
- Support housing stability with tailored mortgage options,
- And improve quality of life through access to sustainable financing.
Awad underlined the importance of creating an enabling environment for citizens to access impactful Key figures from the Ministry of Local Development and Social Housing Fund.
This cross-ministerial and multi-stakeholder engagement reflects a coordinated policy approach aimed at achieving inclusive, resilient, and sustainable development in line with Egypt Vision 2030.
