Adding housing projects for low- and middle-income people in various governorates to the real estate financing initiative

Mr. Chairman Cairo, March 26, 2014

Greetings,

With reference to the letter dated February 19, 2014, concerning the initiative to activate the real estate financing sector for low- and middle-income earners, issued by the decision of the Board of Directors of the Central Bank of Egypt dated February 18, 2014, and in order to provide some flexibility in actual application and ensure the availability of the initiative to the largest possible number of beneficiaries from low- and middle-income earners,

The Board of Directors of the Central Bank of Egypt has decided, in its meeting held on March 20, 2014, to amend the first item of the aforementioned initiative by adding housing projects established for low- and middle-income earners in the various governorates of the Republic to the projects that can be benefited from within the framework of the initiative's parameters.

Please be kind enough to alert and take the necessary measures in this regard.

Accept our highest regards, Hisham Ramses Abdel Hafez