Mortgage finance initiative for low-income housing records EGP 49.26bn in August

Hossam Mounir
3 Min Read

Banks and finance companies’ contributions to the Central Bank of Egypt’s mortgage finance initiative for low-income housing reached EGP 49.23bn benefiting about 446,934 customers in August 2022.

The Social Housing and Mortgage Finance Fund revealed that banks’ contributions amounted to about EGP 46.955bn to about 428,150 customers within the initiative, accounting for about 95.4% of the total funding.

According to the fund, the National Bank of Egypt topped the list of those banks with a financing volume of EGP 13.206bn, benefiting 118,900 customers.

In second place was Banque Misr, with total financing of EGP 10.706bn directed to 95,926 customers, followed by the Housing and Development Bank, with financing amounting to EGP 6.359bn to about 68,319 customers.

Banque du Caire came fourth in financing volume by EGP 3.144bn to about 33,909 customers, then Commercial International Bank – Egypt, with financing amounting to EGP 2.838bn to 22,383 customers.

QNB Alahli (sixth) offered EGP 1.815bn finance to about 13,824 customers, followed by the Industrial Development Bank in seventh place, with funds amounting to EGP 1.702bn directed to 15,814 customers.

The United Bank came in eighth place with a financing volume of EGP 1.540bn for about 11,783 clients, then the Arab African International Bank in the ninth place with financing of EGP 1.117bn for about 9,699 clients, and BLOM Bank Egypt in the tenth place with financings worth EGP 659.3m for 5,696 clients.

In the same context, the Fund revealed that real estate finance companies pumped about EGP 2.275bn to about 18,784 customers within the initiative.

According to the fund, Al Tameer Mortgage Finance topped the list of companies participating in the initiative, with financing worth EGP 813.762m for about 6743 clients, then Contact Mortgage with EGP 779.674m finance to about 5,830 clients.

Al Ahly Mortgage Finance came third with EGP 285.116m in financing to 2,543 clients, then Amlak with EGP 252.940m in financing for 2,328 clients.

Tamweel Mortgage (fifth) offered EGP 68.666m in financing for about 602 clients, then the Egyptian Housing Finance Company with a value of EGP 43.042m for about 429 clients, followed by Ahli United Mortgage Finance with a value of EGP 19.973m to about 200 clients, and Arab African International Mortgage Finance with a value of EGP 12.211m for about 109 clients.

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