80% of World Bank’s Egypt Housing Loan dedicated for Mortgage Finance

Egypt’s Mortgage Finance Fund (MFF) intends to allocate 80% of the World Bank ‘sUS$500 million loan to support the country’s real estate finance sector, the fund’s chairman May Abdel Hamid said Tuesday.

Speaking to 60 Minutes radio programme on the sidelines of Egypt’s second conference of “Partnership for Development” initiative held today, Abdel Hamid said the fund seeks to support 75.000 beneficiaries with 1.4 billion Egyptian pounds (US$183.4 million).

Egypt’s second conference of “Partnership for Development” initiative has been held Tuesday in Cairo, with the theme “Mortgage Development Partners”.  The event is being organised under the auspices of the country’s regulator, the Egyptian Financial Supervisory Authority (EFSA) and the Mortgage Finance Fund (MFF).