Banque Du Caire is granting loans for the purchase of 6,229 housing units for low- and middle-income individuals as part of the mortgage finance initiative launched by the Central Bank of Egypt (CBE), according to Banque du Caire Chairperson and CEO Mounir El-Zahid.
El-Zahid said the bank granted 2,967 loans, each worth EGP 212m, by the end of May. The bank is currently processing 1,693 more loans, in addition to 1,569 loans in the process of allocation.
Banque Du Caire is keen to take part in the CBE’s mortgage finance initiative because of the initiative’s aim to achieve social justice, ease burden on citizens, meet individuals’ basic needs, provide suitable housing, and facilitate individuals’ access to formal financial services at affordable prices and equal opportunities, said El-Zahid.
He pointed out that Banque Du Caire, along with the National Bank of Egypt (NBE) and Housing and Development Bank, is preparing a syndicated four-year loan worth EGP 20bn for the benefit of the Social Housing Fund to pay contractors’ and suppliers’ dues.
He explained that Banque Du Caire contributes EGP 6.5bn to the loan to support the state’s and fund’s plan to provide housing units for low- and middle-income citizens.