Banque Du Caire finances 6229 units among CBE mortgage finance initiative

Egypt’s third biggest public lender Banque Du Caire financed 6229 housing units among Egypt’s central bank (CBE) mortgage finance initiative, its chairman, Mounir El Zahid said on Tuesday.

The bank has already secured 212 million Egyptian pounds for 2967 loans; a total number of 1693 loans have been confirmed waiting for the clients to put down the installments and 1569 loans are in the allocation phase.

During 2014, CBE has launched an initiative worth 10 billion Egyptian pounds (US$1.4 billion) to stimulate the mortgage sector and finance the purchase of housing for earners with low and average incomes.

In addition, Four Egyptian banks have signed the biggest financing deal in the history of the country’s housing sector, worth 20 billion Egyptian pounds (US$2.25 billion) on May 2016 in favour of Mortgage Finance Fund to support the social housing scheme.