By: Islam Fadl

Cairo – Mubasher: The National Bank of Egypt (NBE) has considered financing requests for around 3,000 clients within the framework of the mortgage finance initiative worth EGP 3 billion, head of banking retail risk Karim Soos said.

The bank called the clients to prepare the remaining documents, upon which they will obtain financing for their own residential units, Soos told Mubasher in a phone call.

NBE has provided EGP 4.05 billion in financing for nearly 41,000 residential units as part of the Central Bank of Egypt’s (CBE) mortgage finance initiative, he highlighted, noting that the initiative is mostly in favour of low-income earners.

In February 2014, the CBE had launched the mortgage finance initiative by raising EGP 10 billion for 20 years for low- and middle-income earners.

In October 2017, the CBE doubled the amount allocated for the initiative to EGP 20 billion.