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Tuesday, 10 October 2017

CBE increases Mortgage Finance Fund to EGP 20 bn

The CBE decided on Monday to allocate an additional EGP 10 bn to its Mortgage Finance Fund, bringing the total up to EGP 20 bn,according to Al Mal. The amount was increased after the program succeeded in giving out EGP 8.5 bn in loans. The CBE’s Mortgage Finance Fund seeks to boost financing for the middle- and low-income segments by providing favorable lending rates of 7% and 8% over longer time periods. The program is funded by the World Bank and other local institutions, including CIB.

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