Four Egyptian banks signed on Thursday the biggest financing deal in the history of the country’s housing sector, worth 20 billion Egyptian pounds (US$2.25 billion) to support low-income housing scheme.
The National Bank of Egypt (NBE), Banque Misr, Banque Du Caire, and Housing and Development Bank (HDB) are arranging the loan in favour of the state-run Social Housing Fund.
The financing is designated to secure liquidity needed to build 500,000 housing units as part of the country’s national project to build one million homes for low-income citizens.
NBE, Banque Misr, and Banque Du Caire will contribute around 6.33 billion pounds ($711.2 million) each to the loan; while the HDB’s share will amount to 1 billion pounds ($112.4 million).
A banking source familiar with the matter told a month earlier to Amwal Al Ghat that the loan would be repaid over four years.