Investment pumped into mortgage finance initiative for low-income people in 1H 2023: Egypt

Investment pumped into mortgage finance initiative for low-income people in 1H 2023: Egypt

The total financing that banks and companies pumped into the mortgage financing initiative for low-income individuals amounted to EGP 60.07bn in the first half of 2023, benefiting about 513,600 customers. A report issued by the Social Housing and Mortgage Finance Fund revealed that banks pumped financing worth EGP 57.740bn to about 494,492 customers, accounting for 96.1% of the total initiative, while companies pumped financing worth EGP 2.333bn to about 19,108 customers, to acquire 3.9% of the total. According to the report, the National Bank of Egypt (NBE) topped the list of banks participating in this initiative, with a volume of financing amounting to EGP 16.159bn for 137,959 customers, accounting for 26.9% of the total financing. Banque Misr came second with a volume of financing of EGP 14.473bn for about 118,343 customers, with a share of 24.1%. The Housing and Development Bank (HDB) came next with a share of 11.3%, and a value of EGP 6.803bn for about 71,088 customers. In fourth place came Banque du Caire, with financing amounting to EGP 3.831bn for 38,424 customers with a share of 6.4%. The Commercial International Bank (CIB) came next with a share of 5.3% and financing of EGP 3.190bn for about 24,254