The Central Bank of Egypt (CBE) has loaned EGP 3.4 billion, through banks,  to customers to purchase property under its mortgage initiative, according to Al Borsa News.

There were about 45,000 loan recipients with the Housing and Development Bank having the lion’s share of loans – EGP 1.4 billion.

CBE has announced in February of 2014 its allocation of EGP 10 billion to finance low-income housing projects, according to Daily News Egypt.

The loans’ interest rates vary between 5% and 10.5% depending on the applicant’s income level, with loans ranging between EGP 500,000 to EGP 950,000.

There are four banks participating under the auspices of CBE initiative to give loans, namely the National Bank of Egypt, Banque Misr, Banque du Caire, and the Housing & Development Bank.

According to Al Borsa’s sources in Housing Ministry, mortgage loans rose by EGP 900 million in two months, reaching EGP 3.4 billion in July.