Arab African Mortgage eyes doubling Financing this year

Arab African Mortgage Finance (AAIMF), a subsidiary of Egyptian-based Arab African International Bank, aims to double its financing for clients to 150 million Egyptian pounds (US$19.6 million) by end of this year.

Nagy Fahmy, Managing Director of the Arab African International Mortgage Finance (AAIMF), said the package of laws and regulations recently adopted by the government had contributed to activate the mortgage finance sector. Yet, the sector still needs more amendments and measures to stimulate more growth, he added.

Furthermore, Fahmy also said the company’s paid-up capital had increased from 50 million to 110 million pounds, whereas the authorized capital had reached 500 million pounds.

AAIMF has granted 80 million pounds in financing by the end of May this year in favour of housing units varies between upper middle-income and luxurious categories.