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NBE raises mortgage funding to EGP 7bn end June

NBE raises mortgage funding to EGP 7bn end June
More than 68,000 low-income customers have benefitted from this initiative

Cairo – Mubasher: National Bank of Egypt’s (NBE) total funding under the mortgage finance initiative surged by EGP 2.9 billion, or 71%, year-on-year during fiscal year 2018/2019, local newspaper Akhbar El-Yom reported.

NBE’s contributions to the Central Bank of Egypt’s (CBE) mortgage funding initiative hiked to EGP 7 billion at the end of last June, compared to EGP 4.1 billion at the end of the same month a year earlier, the bank’s chairman Hisham Okhasha said.

More than 68,000 low-income customers have benefitted from this initiative at the end of last June, compared to nearly 38,000 a year earlier, Okhasha added.