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Egypt’s Industrial Development Bank seeks to sign an agreement with the Social Housing And Mortgage Finance Fund with total amount of 500 million Egyptian pounds as part of the Central Bank of Egypt mortgage initiative.
The CBE has launched the initiative in 2014, it aimed to raise 10 billion pounds in 20 years at low interest rates for banks, and in turn, re-lend them at a reduced yield rate of 7 percent per annum for low-income and a declining rate of return of 8 percent per annum for medium income groups.
Hamdy Azzam, deputy chairperson of IDB, said that signing the agreement will increase the bank’s finances that are directed to mortgage initiative to 1.5 million pounds up from one billion pounds.
