Egypt’s NBE injects $518.6mn among CBE’s mortgage initiative

Egyptian largest state-owned lender, National Bank of Egypt (NBE) says it has pumped 8.2 billion Egyptian pounds ($ 518.6 million) as part of the central bank’s (CBE) mortgage finance initiative, Vice Chairman Yehia Abul Fotouh.

This comes within the NBE’s strategy to support the state plans, especially those related to the low-income category.

The bank’s participation in CBE’s initiative for real estate finance comes within the framework of the bank’s strategy to implement the state’s plans. This aims to develop the national economy, supports the Egyptian citizens especially the neediest.

He further told Amwal Al Ghad that the bank has pumped investments of 92 billion  Egyptian pounds into the retail sector by the end of January.