EALB secures EGP 130m to CBE’s mortgage finance initiative

Egyptian Arab Land Bank (EALB) has pumped around 130 million Egyptian Pounds in funds for the Central Bank of Egypt’s (CBE) mortgage finance initiative, Yasser Abo El Enen, the Head of Mortgage finance department.

He told Amwal Al Ghad that the bank has pumped 100 milllion pounds to 1,000 to low-income citizens and 30 million pounds to middle-income citizens.

He further noted that the total funds of the mortgage sector mounted to 700 million Egyptian pounds by the end of June 2018 compared to 500 milllion pounds in the corresponding time last year.

The bank seeks to increase its funds to one billion pounds by the end of 2018, he added.

February 2014, the CBE allocated 10 billlion pounds that has been sent to banks in the form of deposits over a period of 20 years at low interest rates. to the mortgage initiative.

Citizens who qualify to benefit from the programme will benefit from a yearly interest rate of 7-8%.

In October 2017, the CBE had doubled the amount allocated for the mortgage finance initiative for low- and middle-income earners to 20 billion pounds, instead of 10 billion pounds.