National Bank of Egypt Approves 1066 Low-income Mortgage Finance So Far

As pursuant to the central bank’s initiative, the National Bank of Egypt has approved so far 1066 low-income mortgage finance requests out of 1820.

According to Karim Soos – Retail Risk Group Head at NBE – the bank has received so far 1820 requests, studied 1798 and approved 1066.

Last February, CBE announced that it had allocated EGP 10 billion ($1.44 billion) to finance low-income housing projects, with the aim of boosting the country’s construction and real estate sectors. The money will be sent to banks, in the form of deposits, over a period of 20 years at low interest rates. Low-income citizens who qualify to benefit from the programme will be lent the money at yearly interest rate of 7% to 8%.