In the first quarter of 2024, banks and companies involved in low-income mortgage financing initiatives allocated funds for the acquisition of housing units. The total funds disbursed amounted to EGP 68.85 billion, benefiting approximately 564,023 customers.
A recent report by the Social Housing and Mortgage Finance Fund revealed that banks had donated nearly EGP 66.448 billion to approximately 544,626 customers by the end of March 2024. This donation accounts for 96.5% of the total effort. The mortgage finance company provided approximately 2,405 million Egyptian pounds and assisted approximately 19,397 customers. This represents 2.2% of the total funding.
The National Bank of Egypt (NBE) led the bank participants in this initiative, lending 17.814 billion Egyptian pounds to approximately 147,332 customers, securing a 25.9% share of total loans.
This was followed by Banque Misr, which extended EGP 16.576 billion to approximately 132,046 customers and accounted for a 24.1% share. Housing Development Bank (HDB) then distributed his 7.303 billion Egyptian pounds, representing 10.6% of the funds, to approximately 73,718 customers. Banque du Caire is in his fourth place with 5.575 billion Egyptian pounds against 47,840 customers, corresponding to an 8.1% share.
QNB Alahli took fifth place with a 5.5% share, distributing EGP 3.786 billion to approximately 24,864 customers. Commercial International Bank (CIB) followed with a 4.9% share, injecting 3.385 billion Egyptian pounds to approximately 25,177 customers.
Industrial Development Bank (IDB) secured seventh place, earning 1.922 billion Egyptian pounds for approximately 17,371 customers and a 2.8% share. United Bank was next with a 2.7% share and 1,849 million Egyptian pounds for approximately 13,884 customers. Arab African International Bank (AAIB) followed with his 1.8% share and EGP 1.248 billion for approximately 10,452 customers. Al Mashreq Bank made it into the top 10, providing 1.092 billion Egyptian pounds to approximately 6,610 customers and accounting for a 1.6% share.
Among companies, Al-Tameer Mortgage Finance topped the list with sales of 885,8119 million Egyptian pounds to 7,034 customers. Contact Mortgage Finance allocated 838,723 million Egyptian pounds to his 6,167 customers, while Al Ahli Mortgage Finance contributed 284,436 million Egyptian pounds to about 2,536 customers.
Amlak Mortgage Finance paid EGP 252,133 million to 2,320 customers, while Tamweel Mortgage Finance allocated EGP 68,666 million to 602 customers.
Egyptian Housing Finance Company provided 43.042 million Egyptian pounds to 429 customers, Ahly United loaned 19.973 million Egyptian pounds to 200 customers, and Arab African International Company provided 109 customers with loans of 19.973 million Egyptian pounds. 12.211 billion Egyptian pounds was lent to the
The Central Bank of Egypt (CBE) launched this initiative in February 2014, offering subsidized reduced interest rates ranging from 5 to 7 percent for low- and middle-income earners.
In 2021, President Abdel Fattah Al-Sisi directed the CBE to develop a mortgage financing program for low- and middle-income groups that promotes home ownership through long-term loans of up to 30 years with easy interest rates not exceeding 3%.・Instructed to introduce it. .
In November 2022, Prime Minister Mostafa Madbouly decreed that the Ministry of Finance would oversee all efforts to provide below-market returns, which were previously managed by the CBE.
The directive stipulates that the Ministry of Housing, Public Works and Urban Communities will bear the difference in interest for the real estate financing initiative targeting low- and middle-income earners (Egyptian pounds 100 billion allocated at 3% interest rate). has been done. bank interest rate.
