Egyptian President Abdel Fattah Al-Sisi directs the Central Bank of Egypt (CBE) to launch a new mortgage finance program worth EGP 100 bn, Invest-Gate reports.
The new mortgage financing program aims to provide low- and middle-income Egyptian home buyers with long-term loans of up to 30 years with low interest that does not exceed 3%.
This comes as Sisi reviews CBE’s activities as part of the state’s monetary and financial system. For his part, CBE’s Governor Tarek Amer presents the bank’s efforts in the past period, especially during COVID-19, where he emphasizes the banking sector’s strong performance. From 2016-2020, banks increased loans to the private, government and public sectors, which resulted in maximizing the volume of investments, contributing to the development process, providing cash liquidity and increasing job opportunities.
The statement does not mention any further details on the program. However, CBE Deputy Governor Gamal Negm reveals to Ahmed Moussa live on his show that the new initiative is worth a total of EGP 100 bn.
The new program comes after the CBE’s EGP 50 bn mortgage finance program in 2020 for middle-income housing, which was a continuation of a previous initiative that ran from 2014 until January 2019.