By: Islam Fadl
Cairo – Mubasher: Arab Investment Bank has pumped EGP 125 million financing into the Central Bank of Egypt’s (CBE) mortgage finance initiative, the bank’s general manager of the small- and medium- enterprise sector said.
Almost 1,400 clients have benefited from the financing, 90% of them were low-income earners, Adel Taha told Mubasher in a phone call.
The Egyptian lender is currently considering to inject new financing worth EGP 16 million into the initiative for around 180 clients.
In February 2014, the CBE had launched the mortgage finance initiative by raising EGP 10 billion for 20 years for low- and middle-income earners.
In October 2017, the CBE doubled the amount allocated for the initiative to EGP 20 billion.
Translated by: Mai Ezz El-Din
