PHOTO
(FILES) In this file photo A man counts Egyptian pounds at currency exchange shop in downtown Cairo on November 3, 2016. - With Egypt's economy in crisis, the currency in freefall and inflation skyrocketing, the poor have been hit hard but the middle class is also teetering on the brink. The Egyptian pound has lost half its value against the dollar since March, following a devaluation demanded as part of a $3 billion International Monetary Fund loan agreement. Official annual headline inflation hit 21.9 percent in December, and food prices surged 37.9 percent in the Arab world's most populous nation. (Photo by KHALED DESOUKI / AFP)
Egypt - The Social Housing and Mortgage Finance Fund (MFF) has reported that the contribution of the 22 banks that participated in the mortgage finance initiative for low-income housing reached about EGP 54.3bn in February, benefiting about 474,200 customers.
The CBE launched a mortgage finance initiative in February 2014 with subsidized decreasing interest ranging from 5% to 7% for the low- and middle-income segments.
In 2021, President Abdel Fattah Al-Sisi instructed the CBE to formulate and launch a new mortgage financing programme for low- and middle-income groups with long-term loans of up to 30 years and with low and simplified interest that does not exceed 3%.
The initiative includes several conditions, most notably providing the necessary real estate financing to customers who meet the conditions of the initiative through banks or real estate finance companies at a return rate of 3% calculated on a decreasing basis for a maximum period of 30 years.
According to the fund, the National Bank of Egypt’s (NBE) contributions, within the initiative, recorded EGP 15.464bn for 133,864 customers, accounting for 27.3% of the total bank financing. Banque Misr came second with EGP 13.256bn for 111,153 customers, accounting for 23.4%. HDB came with EGP 6.652bn for 70,152 thousand customers, accounting for 11.7%.
In fourth place came Banque du Caire with a share of 6.1% with a value of EGP 3.430bn for 35,958 customers, then CIB with a share of 5.5% and a value of EGP 3.093bn for 23,774.
In the sixth place came QNB Alahli with a share of 4.3%, and financing of EGP 2.427bn for 17,598 customers, then the Industrial Development Bank with a value of EGP 1.775bn for EGP 16.345bn, or 3.1%.
And in the eighth place came the United Bank with a share of 3% and a value of EGP 1.712bn for 12,918 customers, and in the ninth place came the Arab African International Bank with a share of 2.1% and a value of EGP 1.162bn for 9,969 customers.
In tenth place, Mashreq Bank came with financing amounting to EGP 740.710m for 4,698 customers, or 1.3%.
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