By: Islam Fadl
Cairo – Mubasher: National Bank of Egypt (NBE) is looking to pump EGP 500 million into the Central Bank of Egypt’s (CBE) mortgage finance initiative until June 2019, the bank’s retail CEO said.
Egypt's biggest state-owned lender is planning to raise its mortgage portfolio to EGP 5 billion, versus nearly EGP 4.5 billion in August, Alaa Farouk told Mubasher in a phone call.
The bank is considering financings for around 3,000 clients per month, he added.
The mortgage finance initiative is making up EGP 4.3 billion financings of the bank’s total portfolio, serving about 43,000 clients, he highlighted.
Farouk said that the bank’s market share accounts for nearly 26% of total granted loans within the initiative.
Low-income earners made up 98% of total loans, and NBE tops national banks participating in the CBE’s initiative, he continues.
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
