The National Bank of Egypt (NBE) is assessing the possibility of providing EGP 10 million to fund 1,000 residential units for low-income citizens as part of a real estate initiative introduced by the Central Bank of Egypt (CBE), reported Al Borsa.
The CBE recently launched an initiative whereby it is providing local banks with EGP 10 billion to in turn provide as loans with low interest rates for low- and middle-income citizens seeking to purchase their own homes. Banks will in turn pay off the money to the CBE over a long period of time, with facilitations.
The NBE previously funded 12,500 units worth EGP 1 billion for low-income citizens, according to Karim Sousse, Head of Individual Funding in the bank.
The bank has also adjusted the conditions for the real estate funding initiative to include residential opportunities for citizens with income under EGP 1,400 with an annual interest 5%, as well as decreasing the down payment to EGP 12,000.