EMRC Mulls Offering EGP 140 Mln Finances To Two Mortgage Firms

The Egyptian Mortgage Refinance Company (EMRC) studies offering credit facilities of about EGP 140 million for two mortgage companies.

The Company is currently reviewing the credit portfolios of both companies, said Iman Ismail, managing director of the Company.

EMRC offers its shareholders a refinance up to 75 times the value of their stakes, Ismail said.

The Company offered about EGP 100 million worth of finances during the last six months ended on June 30^th 2012, raising the value of the portfolio to EGP 549 million, up from EGP 449 million at the end of December 2011. The Company achieved profit of EGP 7 million in the same period.