IDWBE Inks EGP250mn Protocol Today to Utilize Central Bank’s Housing Initiative

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An EGP 250 million protocol cooperation will be signed today between the the Industrial Development and Workers Bank of Egypt (IDWBE) and Mortgage Finance Fund. The protocol aims to make use of the affordable housing initiative released by the Central Bank of Egypt (CBE) last February.

In this respect, IDWBE chairman El-Sayed El-Kosayer stated that his bank has completed the launch of a new unit for the mortgage finance services.

Egypt’s central bank has allocated EGP 10 billion ($1.4 billion) to finance mortgages for people on low and middle incomes.

The initiative aims to boost the construction and real estate sectors.

Banks will acquire the money from the central bank over a 20-year period at low prices and re-lend it to low earners at a seven percent decreasing rate of return and to middle earners at eight percent.