The total mortgage finance portfolio of the National Bank of Egypt (NBE), as part of the initiative of the Central Bank of Egypt (CBE), reached more than EGP 7bn from the launch of the initiative until the end of June 2019 against EGP 4.1bn in June 2018, up by 73%.

This comes within the NBE’s strategy to support the state plans, especially those related to the low-income category.

Hisham Okasha, the NBE chairperson, said that the bank aims to participate in the initiative to provide safe housing and good investment. This is in addition to providing all means of facilitating the citizens, especially the low-income segments, as well as expansion and investment in the mortgage finance for social housing.

Okasha explained that the number of beneficiaries of this initiative for low-income customers exceeded 68,000 clients against 38,000 in June 2018, up by 79%.

The bank’s participation in CBE’s initiative for real estate finance comes within the framework of the bank’s strategy to implement the state’s plans. This aims to develop the national economy, supports the Egyptian citizens especially the neediest citizens, according to Okasha.

He added that it is also the implementation of CBE’s policy to consolidate the principle of financial inclusion, which is always sought by the NBE.

According to Okasha, the NBE is setting its mortgage finance activity as one of its priorities by supporting the portfolio through an integrated system to study the neediest groups, to design their own financing programs to suit their abilities and meet their needs, thus leading the banking system in Egypt.

Yehya Aboul Fotouh, deputy chairperson of NBE, pointed out that one of the most important factors that helped the bank lead the initiative is its branch network covering all governorates and providing all banking services.

He added that these factors also include the continuous development of work procedures, which contributed to reducing the work cycle and the time and effort of customers. Inevitably, this helps them reach the largest segment of customers and to facilitate all forms of payment for their monthly instalments, through electronic payment channels.

Aboul Fotouh pointed out that the NBE has already established three independent units for mortgage finance in the Sixth of October, the 10th of Ramadan, and the industrial zone in Minya, in addition to allocating a number of branches distributed throughout the country to deal with the social housing programme.

The bank also established a special section to complete mortgage finance procedures, particularly for low-income citizens.