Egypt’s Misr Iran Development Bank announced allocation of EGP 150 million to participate within next month in the Central Bank’s initiative to finance low-income housing projects.
A senior source from the bank told Amwal Al Ghad on Sunday that Misr Iran has already established a new division for the mortgage finance and is currently training its staff.
Over 10 banks have already signed agreements with the Egyptian Mortgage Finance Fund, notably the National Bank of Egypt, Banque Du Caire, Housing and Development Bank (HDB), Egyptian Arab Land Bank (EALB), and Industrial Development & Workers Bank of Egypt (IDWBE).
CBE announced in February that it had allocated EGP 10 billion ($1.44 billion) to finance low-income housing projects, with the aim of boosting the construction and real estate sectors.
