CAIRO: Egyptian banks and mortgage finance companies have provided a total of EGP37.02 billion ($9.87 billion) in real estate financing to 364,900 low-income customers since the government launched the initiative seven years ago.
The Central Bank of Egypt launched a mortgage finance initiative in February 2014, offering subsidized low-interest mortgages to low-income citizens. Interest ranged from 5 to 7 percent, with the price of the homes provided to customers set by the Mortgage Finance Fund.
In total, EGP35.2 billion was provided by 22 banks to 348,700 customers, and EGP1.83 billion was given by eight mortgage finance companies to around 16,200 customers.
The National Bank of Egypt topped the list of banks that provided the most funding for low-income people, with a total of EGP9.85 billion given to 95,900 customers. Second on the list was Banque Misr with total financing amounting to EGP7.7 billion given to around 74,800 clients.
In third place was the Housing and Development Bank with EGP5.74 billion given to 63,700 customers, followed by Banque du Caire in fourth place with total financings amounting to EGP2.7 billion and 30,900 customers. Rounding out the top five was the Commercial International Bank with EGP2.04 billion and 17,700 customers. The Industrial Development Bank came in sixth, with total financing of EGP1.48 billion and around 14,000 customers, followed by the United Bank of Egypt with EGP967.5 million for about 7,900 customers and the Arab African Bank with EGP939.2 million for about 8,600 customers.
Qatar National Bank Al-Ahli contributed funds amounting to EGP881.8 million for 7,800 customers, followed by BLOM Bank Egypt in 10th place with total funds of EGP483.9 million provided to more than 4,600 customers.