EMRC’s Finances Portfolio Register EGP 479 Mln In May

Egyptian Mortgage Refinance Company (EMRC) offered EGP 30 million finances for the period from the beginning of the current year till the end of last May.

Iman Ismail, managing director of the Company, said the value of accumulated finances rose by 6.7% in the last five months, registering EGP 479 million at the end of last May, up from EGP 449 million at the end of December 2011.

EMRC will offer Housing and Development Bank another payment of about EGP 25 million of the total value of finance (EGP 150 million) by next week. Such finance is approved by EMRC from a year and half and is directed to the National Housing Project.

EMRC achieved profit of EGP 14.4 million in 2011, up from EGP 13.1 million, with an increase of 9.9%.