Egypt sees $50mn new tranche from World Bank’s loan in 2 months

Egypt’s Mortgage Finance Fund (MFF) expects to attain a new tranche of $50 million from the World Bank’s loan within two-month timeframe, MFF’s chairman May Abdel Hamid said on Monday.

Established in 2003, MFF is one of the most important funding programmes offered by the state. It seeks to support activities in real estates, notably for low and middle income-citizens.

“We had earlier obtained $257 million out of the World Bank’s $500 million loan,” Abdel Hamid told Amwal Al Ghad.

MFF received funds estimated at $18.5 billion pounds from banks and mortgage finance firms among the first stage of the Central bank of Egypt mortgage initiative, she added.

The CBE launched an initiative in 2014 worth 10 billion pounds ($1.4 billion) in the mortgage sector to finance housing purchases for middle and low-income earners.