The data of the Social Housing Fund and Real Estate Finance Support revealed that the banks participating in the real estate financing initiative for low-income individuals pumped funds worth EGP 50.915bn to about 453,900 customers until the end of last November, thus acquiring 95.6% of the total funds that were pumped within that initiative.
According to the fund, the National Bank of Egypt (NBE) topped the list of 22 banks participating in the initiative, with financing amounting to EGP 14.5bn benefiting 128,100 customers with a market share of 27.3%.
Banque Misr came in second place with total financing of EGP 12bn for 104,300 customers with a share of 22.7%, while the Housing and Development Bank came in third place with financing amounting to EGP 6.512bn directed to 69,301 customers with a share of 12.2%.
In fourth place, Banque du Caire pumped financing worth EGP 3.245bn directed to about 34,600 customers with a share of 6.1%, while the Commercial International Bank (CIB) came in fifth place with financing amounting to EGP 2.998bn benefiting 23,272 customers with a share of 5.6%.
In the same context, the fund revealed that eight companies operating in the field of real estate finance have pumped funds worth EGP 2.334bn to about 19,119 customers within the initiative, thus acquiring 4.4% of the total funds that were pumped.
According to the fund, Contact Real Estate Finance topped the companies participating in the initiative with a volume of financing amounting to EGP 838.570m for about 6,166 clients.
Al-Taameer Real Estate Finance also pumped financing amounting to EGP 814.022m to about 6,745 customers, while Al-Ahly Real Estate Finance provided financing amounting to EGP 284.757m to about 2,540 customers.
Moreover, Amlak Real Estate Finance pumped financing amounting to EGP 252.940m to about 2,328 clients, while Tamweel Real Estate Finance provided EGP 68.666m to 602 clients.
Additionally, Egyptian Real Estate Finance pumped EGP 43.042m to about 429 clients, while Al-Ahly United provided EGP 19.973m to about 200 clients, and the Arab African International pumped EGP 12.211m.
Prime Minister Mostafa Madbouly recently issued a decision to instruct the Ministry of Finance to manage and follow up on all interest subsidy initiatives issued by the Central Bank of Egypt (CBE) with the aim of enhancing the availability of liquidity for a number of different economic sectors.
According to this decision, the Ministry of Housing, Utilities, and Urban Communities will manage the real estate financing initiative for middle-income people with a decreasing return of 8% and a maximum of EGP 15bn, in addition to the real estate financing initiative for low- and middle-income people with a decreasing interest of 3% at a value of EGP 100bn for about 109 clients.
