Egyptian Mortgage Refinance repays $7 million to World Bank

The Egyptian Mortgage Refinance Company (EMRC) has repaid 54 million Egyptian pounds (US$7 million) to the World Bank Group, part of a loan taken in the past few years worth 214 million pounds.

EMRC is not seeking to obtain any further foreign funding in the current time, an official source from the Egyptian company told Amwal Al Ghad on Monday.

The Egyptian mortgage liquidity facility secured 107 million pounds during the first nine months of 2015, expecting to give additional 13 million pounds before the end of 2015.

Established in 2006, EMRC, jointly established by the Egyptian Central Bank and 24 private and public financial institutions, is a specialized financial institution that provides funds refinancing to primary mortgage lenders; it raises funds initially through long-term loans from institutional investors and equity contributions from the founding investors its shareholders and from bond markets by becoming a well rated and regular issuer in the capital markets.