By: Islam Fadl
Cairo – Mubasher: The Central Bank of Egypt’s (CBE) mortgage finance initiative is still effective for medium-income clients, a banking source told Mubasher.
The mortgage finance companies are still offering facilities under the initiative, the sources added.
They noted that the remaining amount of the EGP 20 billion initiative is around EGP 200 million.
Al Tammer Mortgage led companies in terms of finance granted under the initiative, with a total value of EGP 358.6 million, followed by Contact Mortgage Finance, which provided EGP 192 million in mortgage finance.
Moreover, the largest state-owned bank, the National Bank of Egypt (NBE), topped the list of lenders giving mortgage finance in line with the CBE’s initiative, with total funds of EGP 5.5 billion granted to around 57,000 medium- and low-income clients.
Housing and Development Bank (HDB) came second with EGP 4.4 billion finance provided to about 51,000 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: Muhammad Abdul-Wakeel
