News

CBE Launches Mortgage Initiative at Subsidized Rates

15 Mar 2021

The President has instructed the CBE to launch a new initiative aimed at providing mortgages to low- and middle-income earners. The program will provide mortgage financing at a subsidized rate of 3%. It will also offer a 30-year repayment period.

There are still no further details about the eligibility criteria, such as an income ceiling or a maximum value per transaction. CBE Deputy Governor Gamal Negm claimed that the CBE is earmarking a total of EGP100bn for the new initiative. (Source: al-Mal Newspaper, Hapi Journal, al-Borsa News)

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