Egypt c.bank launches a new mortgage finance initiative for low- and middle-income citizens

Egypt’s central bank  has launched on Sunday a new mortgage finance initiative on President Abdel Fattah al-Sisi directives to help low and middle citizens.

Under the new initiative, low- and middle-income earners will have access to mortgage loans at a rate of 3 percent with a 30-year repayment period, according to a statement on Sunday.

A total of 100 billion Egyptian pounds ($6.36 billion) will be allocated to the initiative, CBE’s Deputy Governor, Gamal Negm, said in a statement.