28 banks, firms partaking in Egypt’s CBE mortgage initiative – official
The number of banks and companies participating in the Egyptian central bank’s low-income mortgage initiative hiked to 28, said the Egyptian Mortgage Finance Fund’s (MFF) chairman on Saturday.
In 2014, the Central Bank of Egypt (CBE) launched an initiative of 10 billion Egyptian pounds ($1.4 billion) to stimulate the mortgage sector and finance the purchase of housing for earners with low and average incomes.
The local banks have pumped 26 billion Egyptian pounds ($1.6 billion) in favour of the CBE’s low-income mortgage initiative as of the end of the last September, May Abdel Hamid further told Amwal Al Ghad.
In March 2014, four Egyptian banks- named the National Bank of Egypt, Banque Du Caire, Banque Misr, and Housing and Development Bank- signed deals with MFF worth 8.5 billion pounds to finance low and average incomes’ earners at annual interest rate between 8 percent and 7 percent.
CBE has amended the mortgage finance initiative to provide an opportunity for those who earn less than 1,400 pounds per month to benefit from the initiative at a discounted annual interest rate of 5 percent instead of 7 percent.