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NBE to grant credit for 640 housing units - Daily News Egypt

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NBE to grant credit for 640 housing units

CBE launched mortgage initiative last April worth EGP 10bn for real estate financing involving funding housing for low-middle income classes at concessional terms


NBE achieved EGP 15.1bn-worth of growth during the fiscal year that ended in June 2012, bringing the bank's total financial value to EGP 321.5bn, compared to EGP 306.4bn the previous year (Photo Public Domain)The National Bank of Egypt (NBE) will grant credit for 640 housing units falling under the Central Bank of Egypt’s (CBE) initiative for social housing for the low-middle income class.

The CBE launched a mortgage initiative last April worth EGP 10bn for real estate financing. The initiative involves funding housing for low-middle income classes at concessional terms over a period of 20 years.

Annual interest rates for low income receivers are 7%, whilst middle income classes are to pay an annual interest of 8%.

Request to banks for funding have been increasing in the past few months according to Karim Sous, Head of Retail Credit Risk Sector at NBE. He further highlighted that the NBE and Banque Misr will be participating in the initiative through providing an amount of EGP 3bn each.

Banque Du Caire on the other hand will be providing a total of EGP1.5bn.

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https://www.dailynewsegypt.com/2015/02/28/nbe-to-grant-credit-for-640-housing-units/
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