Blom Bank Egypt Eyes Seizing EGP200mn From Mortgage Finance’s Initiative

Blom Bank Egypt is targeting signing with Mortgage Finance Fund in order to obtain EGO200 million from Mortgage Finance’s initiative which has recently offered by the Central Bank of Egypt (CBE), Mr. Mohamed Ozalp, Managing Director & CEO asserted.

National Bank of Egypt (NBE), Banque Misr, Housing and Development Bank (HDB) and Commercial International Bank (CIB) received requests from the clients who want to obtain Mortgage Finance’s loan, in the initiative framework which allocated by CBE through EGP10 billion for activating and supporting the Mortgage Finance, Ozalp noted.

Throughout the initiative, the low-income people will able to obtain a loan at minimum EGP30.000 and at maximum EGP120.000 and with 7% annual interest in addition to middle-income will obtain EGP300.000 with 8% annual interest, Ozalp explained.

Blom Bank owns EGP3.241 billion facilities and loans portfolios at the end of December 2013 according to the bank’s financial statements.