Egypt’s Amlak to inject 350 mln pounds funds this year

Egypt’s Amlak Finance and Real Estate Investment Company plans to pump funding worth 350 million Egyptian pounds ($19.5 million) within 2018, said its chief executive and managing director Hatem Amer on Wednesday.

“The volume of the company’s funding available for personals and others is estimated at 220 million pounds until the middle of the current year, among the mortgage finance initiative launched by Central Bank of Egypt (CBE),” Amer further told Amwal Al Ghad.

The Egyptian official added that Amlak has so far secured finances of 83 million pounds as per CBE’s initiative, in which the company joined in February 2018.

In 2014, CBE launched an initiative worth ten billion Egyptian pounds to stimulate the mortgage sector and finance the purchase of housing for earners with low and average incomes.

The money is sent to banks, in the form of deposits, over a period of 20 years at low interest rates. Low-income citizens, who qualify to benefit from the programme, will borrow the money at yearly interest rate of seven percent and eight percent.