Egypt’s NBE injects $518.6mn as part of CBE’s mortgage initiative

Egyptian largest state-owned lender, National Bank of Egypt (NBE) says it has pumped 9.3 billion Egyptian pounds mortgage finances as part of the central bank’s (CBE) mortgage finance initiative, Vice Chairman Yehia Abul Fotouh.

The mortgage finances have increased one billion pounds from June 2020, he added.

Abul Fotouh added that the bank’s total direct and indirect finances into SMEs recorded 85 billion pounds until this October, and the bank aims to reach about 100 billion pounds.

He continued that the bank’s retail banking portfolio increased by 16 percent within 3 months to record 116 billion pounds at the end of September 2020, compared to about 101 billion pounds at the end of June 2020.

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.