2020-08-19

A circular dated August 19, 2020 regarding the basis of the net unit area in the real estate financing initiative for middle-income people.

The letter, dated August 19, 2020, is addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt. It refers to a central bank initiative issued in December 2019 for real estate financing for middle-income earners at a decreasing return rate of 8% for a maximum period of 20 years. The letter states that, due to a lack of clarity regarding the eligibility criteria for unit size, the initiative has not been utilized as expected. To address this issue, the maximum eligible net unit size has been clarified as 150 square meters, with banks verifying the net area through a real estate appraisal report or unit contract.

Egypt

Central Bank of Egypt

Show thumbnail