By: Islam Fadl
Cairo – Mubasher: The Industrial Development Bank of Egypt has pumped EGP 630 million financings into the Central Bank of Egypt’s (CBE) mortgage finance initiative.
Around 6,100 clients were benefited from the financings in three years, the bank’s vice chairman Hamdy Azam told Mubasher.
The Egyptian lender is looking to inject new financing worth EGP 100 million in the CBE’s initiative for serving nearly 1,000 clients, he revealed.
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: Mai Ezz El-Din