Egypt’s NBE bank OKs 3 bln pounds funds to mortgage finance initiative

National Bank of Egypt (NBE), the country’s largest state lender, has approved financing requests for around 3,000 clients within the framework of the mortgage finance initiative worth three billion pounds, its head of banking retail risk Karim Soos said on Tuesday.

The bank called the clients to prepare the remaining documents, upon which they will obtain financing for their own residential units, Soos told Mubasher in a phone call.

NBE has provided 4.05 billion pounds in financing for nearly 41,000 residential units as part of the Central Bank of Egypt’s (CBE) mortgage finance initiative, he highlighted, noting that the initiative is mostly in favour of low-income earners.

In February 2014, CBE had launched the mortgage finance initiative by raising ten billion pounds for 20 years for low- and middle-income earners.

In October 2017, CBE doubled the amount allocated for the initiative to 20 billion pounds.