The government plans to offer 17,000 units in the New Administrative Capital next month, Invest-Gate reports.
The Ministry of Housing is offering 17,000 units in the capital to the public next month, according to a source at the National Bank of Egypt (NBE) who preferred to remain anonymous.
Under the Central Bank of Egypt’s (CBE) mortgage finance initiative, banks will provide loans for applicants to finance the purchase of these units if all conditions are applicable.
In February 2014, the CBE announced it had allocated EGP 10 bn to providing long-term mortgage financing for low- and middle-income housing units. The bank amended some of the initiative in February 2016 to provide mortgage financing to a new income bracket under the name “average distinctive income”.