NBE set to pump 250 mln pounds funds among CBE mortgage initiative
The National Bank of Egypt, the oldest commercial lender in the country, has approved new funding of 250 million Egyptian pounds to finance 2.651 low-income citizen according to central bank of Egypt Mortgage initiative Karim Sous – Head of Retail Credit Risk Sector at NBE.
The Central Bank of Egypt (CBE) launched mortgage initiative worth 10 billion Egyptian pounds in April 2014 for real estate financing involving funding housing for low-middle income classes at concessional terms over a period of 20 years.
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%.
According to Karim Sous – the bank has provided credit facilities worth 2.408 million Egyptian pounds (US$ 15,4 million) to 26.219 low-income citizens since the launch of the initiative.