Cairo: Egyptian Arab Land Bank (EALB) has pumped around EGP 500 million in funds for the Central Bank of Egypt’s (CBE) mortgage finance initiative, chairman Amr Kamal said.
The Egyptian lender aims to finance up to EP 1 billion in the initiative by the end of this year, Kamal added in a phone call with Mubasher.
He noted that the bank's mortgage finance portfolio has reached EGP 1.5 billion now and aims to hit EGP 2 billion by the end of 2018.
In October 2017, the CBE had doubled the amount allocated for the mortgage finance initiative for low- and middle-income earners to EGP 20 billion, instead of EGP 10 billion.
Source: Mubasher Exclusive
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