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. The proposed additional loan will help finance the expenditures associated with (i) scaling up the delivery of housing subsidies, and (ii) strengthening the institutional and regulatory environment of affordable housing through second generation reforms. After four years under implementation, the Program is demonstrating impactful results in terms of inclusion particularly among young low-income Egyptian households and women. With the proposed additional loan, the government will scale up the delivery of demand-side subsidies for affordable housing to increase number of beneficiaries served by 31 percent and reach the government target of more than one million homes for low-income households by 2024. This agenda remains a key priority for the Egyptian authorities. To further support this scale-up and ensure the long-term sustainability of the Social Housing Program, through the additional financing, the government will continue strengthening the institutional and legal environment of affordable housing.