By: Islam Fadl
Cairo – Mubasher: The Central Bank of Egypt (CBE) is in talks with the finance ministry to provide fresh funds worth EGP 500 million to the mortgage finance initiative, after securing EGP 20 billion, CBE deputy governor Lobna Helal has said.
The CBE is expected to finalise the allocation of new funds ahead of 2018-end, Helal told Mubasher, stressing that the mortgage finance market is in need for further investments.
The central bank agreed to provide EGP 500 million in fresh funds to mortgage finance firms, the deputy governor said on Tuesday.
Egyptian banks are pumping more than EGP 1 billion per month in the sector as part of the CBE’s initiative, she added, noting that there are five companies currently operating in mortgage finance since March 2017, with new firms will be joining soon.
Helal had previously announced that the total value of the CBE's funding to Egyptian banks within the mortgage finance initiative exceeded EGP 14.5 billion.
Translated by: Mohammad Shokhba
