Cairo – Mubasher: President Abdel Fattah El-Sisi instructed the Central Bank of Egypt (CBE) to launch a new mortgage finance initiative.

Under the new initiative, low- and middle-income earners will have access to mortgage loans at a rate of 3% with a 30-year repayment period, according to a statement on Sunday.

A total of EGP 100 billion will be allocated to the initiative, the Middle East News Agency (MENA) reported, citing the CBE’s Deputy Governor, Gamal Negm, as saying.