Increasing the maximum number of units to be financed for middle-income people within the framework of the real estate financing initiative to become 500 thousand Egyptian pounds

Dear Mr. Chairman of the Board of Directors,

Cairo, December 22, 2014

Greetings,

With reference to my letter dated February 19, 2014, concerning the initiative to activate the real estate financing sector for low and middle-income earners, issued by a resolution of the Board of Directors of the Central Bank of Egypt dated February 18, 2014, and its subsequent circulars, and based on monitoring the results of implementing the initiative at banks and the desire of the Central Bank of Egypt to take any measures regarding any obstacles that may affect achieving the objectives of the initiative, the Board of Directors of the Central Bank of Egypt, in its meeting held on December 16, 2014, decided to amend the third paragraph of the second section concerning the conditions for beneficiaries of the initiative to read as follows: "That the maximum monthly income for the middle-income earner be 8 thousand Egyptian pounds for the individual and 10 thousand Egyptian pounds for the family, and that the value of the financed unit does not exceed 500 thousand Egyptian pounds" (instead of 400 thousand Egyptian pounds) to enable the initiative to reach a larger number of beneficiaries and provide more flexibility, ensuring its actual implementation.

Please be so kind as to alert regarding taking the necessary action in this regard.

Yours sincerely, Hesham Ramses Abdel Hafez