2014-03-05

Real estate financing initiative for the benefit of low- and middle-income people

The letter discusses the importance of the real estate sector in Egypt's economic growth and social development. It highlights the role of the banking sector in stimulating real estate financing, particularly for low and middle-income earners. The Central Bank of Egypt has decided to allocate EGP 10 billion for real estate financing with a maximum term of 20 years, targeting affordable housing projects for middle and low-income earners. The letter outlines the terms and conditions of the initiative, including fixed interest rates, eligibility criteria, and the role of the Real Estate Finance Fund. It also emphasizes the social responsibility of banks in supporting affordable housing and their commitment to the initiative's guidelines.

Egypt

Central Bank of Egypt

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