Banque Misr pumps 900mn Egyptian pounds for low-income housing projects

Egypt’s second largest bank, state-owned Banque Misr has pumped 900 million Egyptian pounds ($49.2 million) to finance purchase of units for low-income citizens under the central bank’s initiative, a senior official told Amwal Al Ghad on Wednesday.

In February 2014, Egypt’s central bank announced its mortgage finance initiative, in which it had allocated 10 pounds to finance low-income housing projects, with the aim of boosting the construction and real estate sectors.

The money had been sent to banks in the form of deposits over a period of 20 years at low interest rates. Low-income citizens who qualify to benefit from the programme will be lent the money at a yearly interest rate of 7-8%.