Amlak, Egyptian Mortgage Refinance sign $6mln-refinance Contract

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Amlak Finance & Real Estate Investment Company has signed a refinance contract with the Egyptian Mortgage Refinance Company worth EGP50 million (US$6.3 million), CEO Hatem Amer said Wednesday.

This comes within the frame work of firm’s plan to expand in Egypt’s mortgage market as well as increasing its funding portfolio, Amer stated.

Amer added that the company targets increasing funding portfolio from 237 million Egyptian pounds to 950 million Egyptian pounds at the end of 2019 in order to expand in providing credits for clients.

He further emphasised that the Egyptian economy is able to achieve high growth rates during the upcoming period backed by real estate sector which is playing an important role to develop the economy.

Moreover, the official hailed the effective role of the Egyptian Mortgage Refinance Company to improve mortgage sector due to its awareness of market’s needs.