Cairo – Mubasher: The number of mortgage finance and refinance companies in Egypt reached 14 firms with a total issued capital of EGP 2.384 billion at the end of the second quarter (Q2) of 2020, the Chairman of the Financial Regulatory Authority (FRA), Mohamed Omran, revealed.

The value of finance granted to each investor for residential purposes has been capped at 15% instead of 10% of the mortgage finance company’s net equity, according to a statement on Monday.

As for non-residential purposes, the limit has been raised to 30% instead of 20%.

Omran stressed on the importance of adapting the mortgage finance sector to be in line with the amendments to the financial solvency standards of financial leasing and factoring activities.

Loans granted to companies should be lower than 10 times the equity of mortgage finance companies and 25 times the equity of mortgage refinance companies, Omran noted.