Cairo – Mubasher: The Egyptian government approved the launch of a new initiative to support the finance of middle-income housing with EGP 50 billion, the governor of the Central Bank of Egypt (CBE), Tarek Amer, said.

The funding will be offered at an interest rate of 10%, with repayment terms of up to 20 years, Amer added in a statement released by the cabinet on Wednesday.  

Such initiative will support the growth of real estate sector and relieve the burdens on middle-income families.

In February 2014, the CBE launched a mortgage funding initiative, providing long-term funding with terms of up to 20 years a declining interest rates for limited-income, middle-income, and above-average income people.