Egyptian Mortgage Refinance eyes $25mn bond issuance

The Egyptian Mortgage Refinance Company (EMRC) intends to enter bonds market for the first time with initial issue of a bond estimated at 100-200 million Egyptian pounds (US$12.7- 25.5million).

Chairwoman Lobna Helal told Amwal Al Ghad Monday that the issuance is expected to be during the second half of 2016.

By this step, EMRC aims at providing long-term finance for mortgage companies, she said.

Helal added that EMRC has plans to issue bonds, worth nine folds of its paid-up capital, which is estimated at 500 million pounds.

Egyptian Mortgage Refinance Company has provided mortgage refinances estimated at 108 million pounds within the first nine months of 2015 opposed to 53 million pounds a year earlier.

Moreover, mortgage activity has witnessed 57 percent growth at the end of September 2015 since the fund provided by mortgage firms reached 697 million pounds versus 445 million pounds within the same period of 2014.