By: Islam Fadl

Cairo – Mubasher: The Central Bank of Egypt (CBE) has held meetings with real estate developers to activate its new initiative aimed at financing middle-income housing, the CBE’s sub governor Gamal Negm said.

The initiative has not been activated yet as the developers have no real estate products suitable for the initiative, Negm told reporters on the sidelines of NilePreneurs on Wednesday.

Negm expects that between 50,000 to 100,000 fully-finished residential units will be offered upon the activation of the initiative.

In December 2019, the CBE launched a EGP 50 billion initiative to provide subsidised mortgages for middle-income homebuyers.