Regulatory Alerts2014-05-15
Added · Updated
The second addition to the real estate financing initiative for the benefit of low- and middle-income people
The Central Bank of Egypt amends the monthly repayment schedule dates for the real estate financing initiative for low- and middle-income earners, changing the due date from the first business day after the end of the quarter to the last business day of the quarter. The document also establishes detailed procedures for banks to submit SWIFT messages and Treasury bills to secure funding under the initiative, including specific field codes, maturity requirements, and rollover mechanisms for subsequent quarters. Additionally, it clarifies that housing projects eligible for the initiative are any mortgageable residential units meeting the program's conditions and mandates banks to ensure their staff, particularly customer service personnel, are properly trained to provide accurate information to clients.
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