Egypt’s NBE eyes 10.7 bln pounds in real estate financing

Big 5

The National Bank of Egypt (NBE) is planning to pump 10.7 billion pounds as part of the central bank’s initiative, according to the head of retail banking, Alaa Farouk.

Farouk told Mubasher on Tuesday that NBE has pumped 4.7 billion pounds as part of the Central Bank of Egypt’s (CBE) mortgage initiative that aims at financing real estate for low-income citizens, with another 6 billion pounds at the end of financial year 2018/2019.

The bank’s retail portfolio reached 52 billion pounds by mid-October, and its planned to reach 65 by pounds at the end of the current financial year.