The Central Bank of Egypt (CBE) has released a regulation to double mortgages up to 10% of commercial banks’ lending portfolios, up from the previous 5%, Invest-Gate reports.

However, the Egyptian Arab Land Bank (EALB) and the Housing & Development Bank (HDB) are exempted from the regulation, the CBE said in a statement on February 19.

The move comes within the framework of the EGP 50 bn finance initiative launched by the CBE last December to boost the real estate market by giving middle-income homebuyers access to subsidized mortgages, the statement added.

In February 2020, Deputy Governor of the CBE Gamal Negm said that units must be fully finished to be eligible for the bank’s mortgage finance initiative, Invest-Gate reports.