Egypt’s biggest lender, the state-owned, the National Bank of Egypt is planning to fund 3.526 clients among the Central Bank of Egypt mortgage initiative said Karim Sous – Head of Retail Credit Risk Sector at NBE.
He told Amwal Al Ghad that 2.651 clients requests have been approved, while other 875 clients are being checked within the upcoming period.
The bank has funded 26.219 low-income clients with an amount of 2.804 billion Egyptian pounds since the beginning of the initiative until January 2018.
Egypt’s central bank has allocated LE10 billion ($1.4 billion) to finance mortgages for people on low and middle incomes. The initiative aims to boost the construction and real estate sectors.
Banks will acquire the money from the central bank over a 20-year period at low prices and re-lend it to low earners at a seven percent decreasing rate of return and to middle earners at eight percent.