Egypt’s AAIMF unveils mortgage funding of $11.1 mln until Q3

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Egypt’s Arab African International Mortgage Finance (AAIMF) says it had provided funding totalling 200 million Egyptian pounds ($11.1 million) until the third quarter of the year.

AAIMF, a part of Arab African International Bank, was established in September 2008 with licenced capital of 500 million pounds to provide mortgage finance products such as purchasing, constructing or renovation finance for residential, commercial, and administrative units.

The company hopes to reach total funds up to 250 million pounds by year-end given its participation in the central bank’s mortgage initiative, AAIMF’s chief executive and managing director Nagy Fahmy told Amwal Al Ghad on Sunday.

In 2014, CBE issued a Mortgage Finance Initiative offering banks 10 billion pounds for 20 years at discounted rates to re-lend to low and average-income investors at a declining rate of return on housing projects in urban communities.

The central bank decided in October 2017 to double the amount allocated to the mortgage initiative for the low and average income to 20 billion pounds instead of 10 billion pounds.