Egypt’s state-run bank lender Banque du Caire increased its funds to 1.5 billion Egyptian pounds ($83.7 million) as part of the Central bank of Egypt mortgage initiative.
The number of beneficiaries of these funds has accounted to 18,000 clients, Tarek Fayed Tarek Fayed, Chairman & Chief Executive Officer.
The banks seeks to increase its mortgage portfolio to 1.7 billion pounds by the end of 2018 with an increase of 90 percent compared to 2017.
During 2014, CBE has launched an initiative worth 10 billion Egyptian pounds (US$1.4 billion) to stimulate the mortgage sector and finance the purchase of housing for earners with low and average incomes.
In 2007, CBE increases funds allocated for mortgage initiative to 20 billion Egyptian pounds.
Egypt’s local banks placed 14.5 billion pounds) in the Central Bank of Egypt’s (CBE) low income mortgage initiative in July 2018.