Head of Real Estate Finance Sector at The United Bank of Egypt Ayman Mohamed has affirmed that 1,000 clients were granted EGP 130 mn worth of mortgage financing in H1 2020, Invest-Gate reports.

This comes as part of the Central Bank of Egypt’s (CBE) EGP 50 bn initiative to underpin low- and middle-income homebuyers, provided at a preferential 10% interest rate, with repayment terms of up to 20 years, Mohamed unveiled in a press release on June 16.

In May, The United Bank, which is run by the CBE, managed to record the highest volume of mortgages versus other banks participating in the initiative, the official further stated.

Almost three years after the central bank launched the mortgage finance initiative, 14 banks allocated EGP 4.12 bn to finance low and middle-income housing until October 2016, CEO of Social Housing and Mortgage Finance Fund (SHMFF) Mai Abdel Hamid earlier revealed.