CBE launches new mortgage finance initiative for low, middle-income home buyers

CAIRO - 15 March 2021: The Central Bank of Egypt (CBE) has launched an LE 100 billion mortgage finance initiative, targeting the low and middle-income home buyers, deputy CBE governor Gamal Negm said Sunday. 

Earlier on Sunday, President Abdel Fattah El Sisi directed CBE to launch the new initiative, with payment in installments over a period of up to 30 years and a low interest rate of not more than 3 percent.

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. 

This is the longest financing facility has ever been provided in Egypt, and one of the longest mortgage loans in the world. Negm added.