Egyptian Mortgage Refinance says injected $11.9 mln finances in 8 months

Egyptian Mortgage Refinance Company (EMRC) has pumped finances estimated at 105 million Egyptian pounds ($11.9 million) in the past eight months, it announced in a statement on Sunday.

Mortgage activity has increased in the first eight months of 2016 to 677 million pounds from 611 million pounds in the same period in 2015.

The balance of current finances for mortgage firms reached 2.8 billion pounds by the end of August 2016, 11 percent higher from the same period last year.

A lender to mortgage providers, EMRC was established in 2006.