IDWB Arranges Mortgage Finance Unit to Benefit from CBE’s Initiative

Industrial Development and Workers bank (IDWB) asserted that it has finalized from preparing specialized unit for mortgage finance in order to make the best use of Central Bank’s initiative for mortgage finance, Hamdi Azzam Executive Board Member asserted.

Central Bank has been allocated EGP10billion for banks in order to re-lend with 7% annually for 20 years to low-income category a decreasing rate of return of 8% annually for middle-income.

IDWB aims growing retail banking portfolio which estimated at EGP150million with 33% within the ongoing year, Azzam illustrated.

The bank is targeting signing protocol with Mortgage Finance fund during the upcoming period up EGP250million to benefit from the initiative.