By: Abdallah Bedier
Cairo – Mubasher: The value of financings offered by banks within the framework of the mortgage initiative recorded EGP 16 billion, the Central Bank of Egypt’s (CBE) deputy governor said on Sunday.
The whole funding process, worth approximately EGP 20 billion, will be completed in January 2019 as around EGP 1 billion is being financed monthly, Lobna Helal told Mubasher.
In February 2014, the CBE had launched the mortgage finance initiative by allocating a 20-year EGP 10 billion for low- and middle-income earners.
In October 2017, the CBE doubled the amount allocated for the initiative to EGP 20 billion.
