2021-02-15

A circular dated February 15, 2021 amending some controls and rules of bank financing for real estate development companies

In a letter dated February 15, 2021, the Central Bank of Egypt's Board of Directors decided to amend the decision regarding the regulations and controls of bank financing for real estate development companies constructing residential units for sale. The amendments include allowing financing for real estate projects based on partnerships between real estate development companies and governmental and/or private entities, provided that all parties involved have good creditworthiness, reputation, and financial solvency. The letter also emphasizes the requirement for banks to ensure that the funding is used for the intended purpose and not for real estate speculation or hoarding.

Egypt

Central Bank of Egypt

Show thumbnail