Regulatory Alerts2014-03-09
The detailed memorandum on the real estate financing initiative for the benefit of low- and middle-income people
The letter is from the Central Bank of Egypt to a bank in Cairo, dated March 6, 2014. It is a follow-up to a previous letter dated February 19, 2014, regarding the Central Bank's initiative to stimulate the real estate financing sector for low and middle-income individuals. The letter outlines the detailed rules and procedures for implementing the initiative, including the need for the bank to train its employees on how to prepare credit studies and assess the creditworthiness of clients, especially those with free professions. The letter also emphasizes the importance of establishing a mechanism for implementation and follow-up, as well as updating internal systems to align with the requirements of the initiative. The bank is requested to start implementing these measures from April 1, 2014.