22 Candidates compete for Egypt’s First Property Financing Federation Membership

22 candidates representing companies, banks and professional associations are competing for the membership of Egypt’s first Federation for Real Estate Financing.

Sherif Samy, Chairman of the Egyptian Supervisory Financial Authority (EFSA), revealed Wednesday that the first General Assembly for the Federation would be held on the 25th of June this year.

He added that the entities competing for the membership include 10 representatives of mortgage finance and refinance companies, 18 from banks in addition to representatives of the Mortgage Finance Fund  (MFF) and the Egyptian Association of Real Estate Appraisers  and Association of Real Estate Agents.

Samy said that the applicants to run for the Federation’s first Board of Directors distributed between 9 candidates representing mortgage finance and refinance companies and other 11 representing banks, and 2 representing professional associations.

Upon the Statute of the Federation, which was released by a decision issued by EFSA’s Board, the membership of the Mortgage Finance Fund (MFF) representative shall be granted without the need for election.

The Egyptian top official also said the different parties operating in Mortgage Finance particularly banks – including public and private banks – are keen to participate in the elections of the Federation.

He stressed that banks play an important role in mortgage market; while the Central Bank pays great attention in activating banks’ role in that field. In addition, other parties can apply for the membership of the Federation after the General Assembly’s meeting which is scheduled to be held within days.

After holding the General Assembly meeting and Board’s election, the members are to elect the chairman and the vice chairman followed by the rest of the executive steps which will be taken to enable the Federation to play its role, Samy said.