Cairo – Mubasher: The new initiative to support the finance of middle-income housing with EGP 50 billion is operationalised, Deputy Governor of the Central Bank of Egypt (CBE) Gamal Negm stated on Wednesday.

People who meet certain requirements can receive a mortgage from any bank, Negm added, according to the Middle East News Agency.

In December 2019, the CBE’s governor Tarek Amer announced that the Egyptian government approved the launch of the new mortgage initiative.

Amer noted that the funding would be offered at an interest rate of 10%, with repayment terms of up to 20 years.