HDB Considers Financing 3000 Housing Units through CBE’s initiative

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Housing and Development Bank (HDB) is considering financing around 3000 residential units according to Central bank of Egypt’s initiative for mortgage finance that launched in last April.

Chairman of HDB Fathi El Sebaey said his bank financed about 850.000 residential units for low and middle incomes along with studying financing 3000 during the current period explaining that the bank which provided from the state, while the customer can obtain middle financing unit in deal with Real Estate Development Company that applies the conditions listed in the initiative.

HDB’s  stake from Central bank’s initiative reached EGP2billion from the total value of EGP10billion which allocated by the bank as the first phase of initiative.

It is expected that EGP2billion stake has pumped as HDB’s stake in the initiative within year from starting the implantation, El Sebaey noted.