By: Islam Fadl

Cairo – Mubasher: The Central Bank of Egypt (CBE) is expected to activate its middle income mortgage initiative by the beginning of March, informed sources told Mubasher.

The CBE is finalising regulations for the implementation of the initiative in coordination with banks operating in the Egyptian market, source added.

Earlier, the CBE’s deputy governor Gamal Negm announced the launch of a new initiative to support the finance of middle-income housing with EGP 50 billion.

The funding will be offered at a declining interest rate of 10%, with repayment terms of up to 20 years.