11 Egyptian Banks ink Protocol for Affordable Housing Initiative

Egypt’s Mortgage Finance Fund signed today protocols of cooperation with 11 local banks to support low-income citizens. The protocols signed on Wednesday are at value of EGP 10.250 billion.

According to the MFF Chairman Mai Abdel Hamid, the banks that inked the protocol are; the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire, Housing & Development Bank (HDB), BLOM Bank Egypt, the Egyptian Gulf Bank (EGB), Export Development Bank of Egypt (EDBE), Industrial Development & Workers Bank of Egypt (IDWBE), United Bank, Faisal Islamic Bank of Egypt, and Arab Investment Bank (AIB).

As pursuant to the Egyptian Central Bank’s affordable housing initiative, the banks provide mortgage finance for low and middle-income citizens, at 7-8% interest rates.