ICEC

Banque du Caire eyes real estate portfolio up to $95mn at year-end

Egypt-based Banque du Caire says it is planning to increase real estate portfolio to 1.7 billion Egyptian pounds ($95 million) in the Central bank of Egypt (CBE) mortgage initiative at the end of this year.

The state-owned lender achieved funds worth 1.4 billion pounds in the initiative to around 17,000 clients, announced its chairman Tarek Fayed on Sunday.

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.

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