Egypt: Banks inject $1.75bln in mortgage financing initiative for low-income individuals

Egypt: Banks inject $1.75bln in mortgage financing initiative for low-income individuals

Egypt - A report issued by the Social Housing and Mortgage Finance Fund (SHMFF) revealed that banks operating in the Egyptian market have injected EGP 53.185bn of mortgage financing for 467,550 customers.

This comes within the framework of the mortgage financing initiative for low-income individuals, until the end of January 2023, accounting for 95.8% of the total funds that were injected within that initiative.

This comes as the companies operating in this activity injected about EGP 2.333bn to about 9,109 customers within the initiative, accounting for 4.2%, bringing the total financing to about EGP 55.5bn, serving about 486,659 customers.

According to the report, NBE acquired 27.3% of the total funds that were injected within the initiative, with a volume of financing amounting to EGP 15.179bn, which was granted to 132,140 customers.

Banque Misr came in the second place with a financing volume of EGP 12.875bn for 109,005 customers, with a share of 23.2%.

On the other hand, the Housing and Development Bank’s financing recorded EGP 6.613bn for 69,920 customers with a share of 11.9%. It was followed by Banque du Caire with a financing volume of EGP 3.356bn for 35,448 customers, with a share of 6%, then CIB with a financing volume of EGP 3.071bn