Central Bank of Egypt launches its mortgage finance program
The Central Bank of Egypt (CBE) has launched its EGP 50 bn mortgage finance program for middle-income housing ahead of schedule, Deputy Governor Gamal Negm said, according to Hapi Journal. The program was expected to launch next month. All banks on the market will be able to grant subsidized loans for middle-income homebuyers on houses valued at up to EGP 2.25 mn. The new program, which was announced in December, is a continuation of a previous CBE initiative that ran from 2014 until January 2019. 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, Negm had previously said.