Amending the maximum number of units to be financed for middle-income people within the framework of the real estate financing initiative

Mr. Chairman of the Board of Directors Cairo, August 19, 2024

Bank

Greetings,

With reference to my letter dated February 19, 2024, regarding the launch of the digital marketing campaign for the middle-income real estate financing initiative, in light of the Central Bank of Egypt's decision issued on February 19, 2024, and its subsequent circulars, and based on the monitoring of the implementation results by banks, and with the desire of the Central Bank of Egypt to remove any obstacles that may hinder the achievement of the initiative's objectives, I hereby request the Central Bank of Egypt to amend the paragraph mentioned in the circular dated August 19, 2024, regarding the conditions for applicants to the initiative to reach the following status: "The maximum monthly income for middle-income individuals shall be 8,000 Egyptian pounds per person and 20,000 Egyptian pounds for the family, and the value of the financed unit shall not exceed 110,000 Egyptian pounds" (one hundred and ten thousand Egyptian pounds), in order to ensure the availability of the initiative to the largest number of applicants, in addition to the flexibility in the local application.

Please be informed that the necessary steps have been taken in this regard.

Yours sincerely,
Hisham Ramzy Abdel Hafez