Banque Du Caire Inks EGP1.5 bln Protocol for Low-Income Homes Tomorrow

Banque Du Caire will sign tomorrow cooperation protocol with the Central Bank of Egypt (CBE), Mortgage Finance and the Finance Ministry worth EGP1.5 billion among CBE’s initiative for financing the real estate units for low-income.

The initiative conditioned existing of mortgage finance units in the bank which provides finance and take measures to comply with CBE’s conditions, noting that the bank will start working on the initiative by April. Nermine El Tahri, GM Business Development & Marketing at Banque Du Caire asserted.

CBE announced the regulation and measures regarding the activation of Mortgage sector for low-income and poor and to establish specialized unit for Mortgage finance Management Information System (MIS) which will allow financial and supervisor reports to serve the initiative proposals.

CBE launched new initiative through the banks in the last February by allocating EGP10 billion to Mortgage Finance and for 20 years with low costs in order to re-lend the price of a decreasing rate of return of 7% annually for low-income people, 8% annually for middle category to be directed to finance purchasing housing units of  New Urban Communities Authority’s (NUCA) projects.