Banks in Egypt pump EGP 14.5 bln into CBE’s Mortgage Initiative

The banks pumped funds of 14.5 billion Egyptian pounds as part of Central Bank of Egypt mortgage initiative so far, Deputy Governor of the (CBE) Gamal Negm said.

This came on the sidelines of Negm’s participation in the Arab Banking Forum on Green Banking, which is held in cooperation with the Central Bank of Egypt and the Union of Banks of Egypt in Hurghada, on July 26-28.

In 2014, CBE issued a Mortgage Finance Initiative, offering banks LE 10 billion for 20 years at discounted rates to re-lend to low and average-income investors at a declining rate of return on housing projects in urban communities.

CBE decided in October 2017, to double the amount allocated to the mortgage initiative for the low and average income to 20 billion pounds instead of 10 billion pounds.