EALB Considers Launching Project for Low-Income with EGP400m

By Salma Ayman On Jul 21, 2014

Egyptian Arab Land Bank (EALB) is considering launching Project for low-income on an area of 27 feddan in El Saf,Cairo Egypt with investments ranging between EGP300 to EGP400 million.

The bank studies the participation of mortgage finance firms and some banks in launching the project, Vice President Abdel Megeed Mohey El-Din spoke to Amwal Al Ghad.

EALB inks contracts worth EGP350 million with real estate fund in order to make the best use of Central Bank of Egypt’s initiative for mortgage finance.

EALB aims attracting new deposits with 10% and estimated at EGP1.5 billion which added to the total value of the bank’s deposits that valued at EGP16 billion.

Furthermore, the bank also targets pumping new finance worth EGP750 million during the fiscal year of 2014/2015 so the total portfolio’s value up to EGP12.750 billion.