Circular on Increasing Real Estate Financing Initiative Allocation and Treatment of Martyrs' Families

Cairo on October 8, 2017
Mr. Chairman of the Board
Greetings,
Referring to the real estate financing initiative for limited and middle-income individuals issued on February 19, 2014, and the subsequent circulars, including the amendment of some initiative conditions issued on June 22, 2017, and given the success and demand achieved by the initiative from various segments of society (limited, middle, and upper-middle income) during the previous period, most of the amount allocated to the initiative has been utilized.

On the other hand, in light of the Real Estate Financing Fund's support for the injured and families of army and police martyrs by providing them with housing units in the social housing project, and exempting them from fulfilling some of the conditions required for owning these units, including the maximum income condition, which required coordination with the financing banks to activate the mentioned exemption.

Accordingly, the Board of Directors of the Central Bank of Egypt decided in its meeting held on October 4, 2017, the following:

1. Increase the amount allocated to the real estate financing initiative for limited and middle-income individuals to reach EGP 20 billion (instead of EGP 10 billion) in accordance with the conditions issued for the initiative.
2. Exempt the injured and families of martyrs from the army and police (relatives up to the second degree) among those applying to book housing units in social housing projects from the application of the maximum income condition.

Banks shall apply the exemption mentioned in item (2) of this decision to the files received by them from the Real Estate Financing Fund.

Sincerely,
Gamal Negm