Egypt to double mortgage finance initiative to 20bn pounds

The Central Bank of Egypt (CBE) has decided to double the funds allocated or mortgage finance initiative to 20 billion Egyptian pounds ($1.1 billion).

The initiative serves low and medium income brackets.

In a statement on Monday, the CBE said the decision was prompted by the success of the initiative and the high turnout of citizens seeking to benefit from it.

The bank launched the initiative in 2014. Source: MENA