The newly-founded Egyptian Real Estate Financing Federation will be launching its website in two weeks to facilitate the communication among members, chairperson Lobna Helal announced Saturday.
Helal further said the federation’s top priority is to establish its main structure, aiming to become a strong and effective government body in the coming period. In addition, the tenure of the current board of directors will last for 18 months, paving the way to hold elections to choose new board to remain for a three-year term.
Helal added that the federation is in the process to appoint an executive president alongside to choose the location for its permanent headquarters in order to start its anticipated activities.
Last April, the market regulator, the Egyptian Financial Supervisory Authority has agreed to establish the country’s first real estate financing federation. It will encompass the entire mortgage and mortgage refinance companies as well as the Mortgage Finance Fund, the New Urban Communities Authority, alongside federations and associations that represent mortgage agents, experts and brokers.
The federation is assigned to supervise mortgage finance activities and unify the efforts to develop the mortgage sector in Egypt. Additionally, it will manage the mortgage process and review the drafts, regulations and decisions related to the mortgage activity.
Mortgage finance is governed in Egypt by Law No. 140, issued in 2001. According to the law, mortgage finance means to finance purchasing, construction, restoration and the development of houses, administrative units and any buildings designated for practicing trade.