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Banque Du Caire has joined the Central Bank of Egypt in a scheme that aims to boost Egypt’s real estate market by refinancing mortgage customers at discounted prices, CEO Mounir El Zahed said on Tuesday.
CBE’s Governor Hesham Ramez has recently announced his bank would allocate EGP 10 billion ($1.44 billion) for low-cost housing projects. The money will be deposited to banks, such as Banque Du Caire, for 20 years at a low interest rate.
From his part, El Zahed further explained that Banque Du Caire will contribute with EGP 500 million to be lent to citizens qualified to buy houses at a yearly interest rates.
