Cairo – Mubasher: The Egyptian housing ministry is in talks with the Central Bank of Egypt (CBE) to allocate an additional EGP 10 billion for the low and medium-income earners within the framework of the bank’s mortgage finance initiative, the assistant housing minister said.
Only EGP 3 billion of the initiative’s funding are left and is expected to be spent until the end of this year, Khalid Abbas told Almal Newspaper.
In September, deputy governor of the CBE Lobna Helal told Mubasher that the value of financings offered under the mortgage initiative recorded EGP 16 billion.
The whole funding process, worth approximately EGP 20 billion, would be completed in January 2019 as around EGP 1 billion is being financed monthly, Helal noted.
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.
