EALB Says EGP600 mln total Mortgage Portfolio in Feb

An official source in Egyptian Arab Land Bank (EALB) said the total mortgage portfolio of the bank  amounted to EGP600 million in February.

The source added that the bank aims to boost the portfolio’s volume to become EGP1 billion by the end of the current fiscal year, noting that the expansion in the mortgage is based on the political and security stability beside the measures which have taken by the government to activate the sector.

He explained that the events which passed by Egypt during the last three years contributed in the recession of mortgage sector, the customers in default, and despite these events the mortgage portfolio did not exceed 1%.

Moreover, he stated that the last initiative of the Central Bank of Egypt (CBE) through allocating EGP10 billion for funding low and medium categories that will motivate the sector in case of  the availability  of conditions mentioned above, especially the security and political stability.