Mortgage
The protocol includes providing various payment systems for the units that were delivered in accordance with the provisions and rules of the Egyptian Mortgage Finance Law, allowing the purchase of ready-to-delivery units available for sale in the various SODIC projects over a payment period of up to 20 years.
The ministry said in a statement on Tuesday that the goal of issuing sovereign sukuk is to create a new financing tool to diversify the investor base.
Negm said that the amount of LE 100 billion could be increased in case of high turnout among citizens, who will apply for the program.
The move falls within the framework of a new initiative adopted by the CBE to promote the real estate market via providing funds worth up to LE 50 billion to help middle-income homebuyers obtain mortgage loans.
Hermes is also looking to enter a new market in Asia or Africa within a year, Karim Awad told Reuters in an interview.
GE faces potential legal action by the U.S. Department of Justice over allegations that its GE Capital unit and WMC Mortgage Corp unit violated U.S. law.
Most Read
