2020-08-19

A circular dated August 19, 2020 regarding the basis of the net unit area in the real estate financing initiative for middle-income people.

In a letter dated August 19, 2020, the Governor of the Central Bank of Egypt, Tarek Amer, addresses the Chairman of the Board of Directors of a bank regarding a real estate financing initiative for middle-income individuals. The letter notes that the initiative has not been as effective as expected, and one of the identified obstacles is the ambiguity surrounding the maximum unit area eligible for the initiative. The Central Bank's Board of Directors has decided to clarify that the maximum eligible net unit area is 150 square meters, which can be verified by the bank through a real estate appraisal report or the unit contract.

Egypt

Central Bank of Egypt

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