Egypt’s Mortgage Finance Fund (MFF), targeting middle- and low-income citizens, provided loans worth EGP 392.7 mn in April versus EGP 127 mn in the year-ago period, amid a 208% surge in banks’ key interest rates, Invest-Gate reports.

The total value of mortgage refinancing was estimated at EGP 160 mn by April-end, compared to EGP 299 mn in the corresponding month last year. Also, 1,036 finance loan agreements were signed during April, compared to 555 in the prior-year period, Egypt’s Financial Regulatory Authority (FRA) said in a recent report.

Besides, financial leasing companies have directed EGP 2.4 bn into the Egyptian property market by the end of April, compared to EGP 2.3 bn a year earlier, marking a rise of EGP 52 mn, FRA noted.

“Real estate and land sectors accounted for the largest share of financial leasing contracts, standing at EGP 1.4 bn by April-end versus EGP 1.5 bn by the end of the same month last year,” read the report.

“Meanwhile, equipment and heavy machines came in the second, with a total value of EGP 250 mn, followed by transport vehicles with costs of EGP 223.8 mn,” it confirmed.