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Tuesday, 4 February 2020

Central Bank of Egypt to launch mortgage finance program in March

CBE to launch mortgage finance program next month: The Central Bank of Egypt (CBE) is finalizing its mortgage finance program with several banks ahead of launching it in March, Mubasher reports, citing unnamed sources in the know. The EGP 50 bn program announced in December will provide middle-income homebuyers with subsidized mortgages on houses valued at up to EGP 2.25 mn. Individuals earning between EGP 4.2k-40k a month and households with monthly income between EGP 4.7k-50k will qualify for the preferential 10% interest rate on their mortgages, CBE Deputy Governor Gamal Negm said in December. The new program is a continuation of a previous CBE initiative that ran from 2014 until January 2019.

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