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Thursday, 25 October 2018

Housing Ministry, CBE look to expand Mortgage Finance Fund by EGP 10 bn

The Housing Ministry is in talks with the CBE to extend the EGP 20 bn Mortgage Finance Fund with an additional EGP 10 bn tranche, deputy Housing Minister Khaled Abbas tells Al Mal. The current tranches are expected to be disbursed by year-end. The fund seeks to boost financing 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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