MFF Secures EGP225mn for Egypt’s Housing Initiative – Phase I

 Chairman of Mortgage Finance Fund (MFF) Mai Abdel Hamid said the volume of subsidiary which provided by the fund for 13.000 residential units as the first phase of ‘Social Housing Project’ reached up EGP225million.

Egyptian Housing and Urban Communities Ministry offered 13.000 units for the citizens by mortgage finance system representing the phase I of Central Bank of Egypt’s initiative to support low-income people as a first phase and Middle-income as a second phase with the presence of 4 banks including National Bank of Egypt (NBE), Banque Misr, Banque Du Caire and Housing and Development Bank (HDB).

The unit will be provided with cost ranges from EGP10 to 25 million, the initiative will help the fund to finalise the second segment of World Bank’s loan worth EGP900 million during the new fiscal year, Abdel Hamid spoke to Amwal Al Ghad.