Qatar National Bank Al Ahli announced on Wednesday its participation in the Central Bank of Egypt’s mortgage finance initiative. This comes after QNB Al Ahli had revealed today the launch of its mortgage finance product to finance low-income housing projects.
CBE announced in February that it had allocated EGP 10 billion ($1.44 billion) to finance low-income housing projects, with the aim of boosting the 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%.