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Cairo – Mubasher: A new mortgage finance joint venture (JV) will be launched in October, CEO of EFG Finance Holding, the non-banking financial arm of EFG Hermes, Walid Hassouna, said.
Currently, the company’s board of directors have been formed, Hassouna told Mubasher but refused to disclose the names of the board members.
In April, Talaat Moustafa Group Holding (TMGH), GB Capital owned by Ghabbour Auto (GB Auto), and EFG Hermes signed a deal to establish a mortgage finance JV which will offer property units at competitive prices tailored for average Egyptian households.
The new JV’s paid capital is planned to be EGP 150 million and is expected to increase later to EGP 250 million.
Over the first twelve months, the new company aims to offer funding worth EGP 450 million to real estate units, along with offering mortgage products at competitive rates with payment periods up to ten years.
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