Egypt invests US$ 70 mn toward affordable housing financing schemes
Posted on 29th October 2014
The Commercial International Bank is investing around US$ 70 million for the housing finance initiative of Egypt’s Central Bank to finance low-and-middle-income housing projects.
The Central Bank of Egypt (CBE) last year announced that it had allocated US$ 1.44 billion to finance low-income housing projects, to boost the construction and real estate sectors.
It signed on the Central Bank's initiative in August and recently signed an agreement with the Egyptian Mortgage Finance Fund to finance low-income housing projects. Low-income citizens will be loaned the money at a yearly interest rate of 7% to 8%, according to news reports on ConstructionWeekOnline.com.
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