Egypt’s mortgage company Aloula signs a protocol with the Ministry of Housing-affiliated Central Agency for Reconstruction to enable more low and middle-income purchasers to obtain housing units in the agency’s housing projects, Invest-Gate reports.

Aloula aims to expand its database of low- and middle-income purchasers in cooperation with the Central Agency for Reconstruction.

According to the agreement, the mortgage company will study the housing projects managed by the Central Agency for Reconstruction to set its financing plans.

In February 2014, the Central Bank of Egypt launched its EGP 10-bn initiative to provide long-term financing for low- and middle-income housing units with an interest rate of 7% for low-income citizens and 8% for the middle-income segment.That initiative was amended in February 2016 to increase the number of beneficiaries and to add a new segment of low-income citizens at an interest rate of 5%, while also adding a 10.5% interest rate for above middle-income citizens.