Blom Bank Egypt receives 170 applications for Mortgage Finance

Blom Bank Egypt has received 170 applications from its clients to get mortgage after joining Central Bank of Egypt’s (CBE) initiative to stimulate the mortgage sector, a source said Wednesday.

Speaking to Amwal Al Ghad, the source stated that Blom Bank Egypt has participated in the initiative by around 200 million Egyptian pounds. The bank has approved 50 applications and is currently studying the rest.

Through the initiative, CBE would lend Egypt’s working banks 10 billion EGP for 20 years to be lent to people of low-income and average-income at 7 and 8 percent interest, respectively, in order to buy housing units in new urban communities.

In December 2014, CBE decided to double its mortgage initiative to EGP 20bn by 2015.