Egypt’s biggest lender, the state-owned National Bank of Egypt, increased its funds to 4.2 billion Egyptian pounds in the Central bank of Egypt mortgage initiative.
The funds has been directed to 43,000 mid and low income citizens, Vice chairperson of the National Bank of Egypt (NBE) Yehia Aboul Fotouh told Amwal Al Ghad.
The bank has announced the establishment of three independent units for mortgage finance in the 6th October, and the 10th of Ramadan, and the industrial zone in Minya, as well as the allocation of 34 branch in 23 governorates distributed in various parts of Egypt to deal with the social housing program.
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.