Egypt's SCZONE posts EGP 6.25 bln revenue in FY2025/26    Egypt's Cabinet approves plan to increase Arab Monetary Fund's capital    Egypt launches joint venture to expand rooftop solar operations nationwide    Housing Minister reviews progress at alternative site for Samla, Alam Al-Roum    FRA launches first register for tech-based risk assessment firms in non-banking finance    Egypt's Health Ministry, Philips to study local manufacturing of CT scan machines    African World Heritage Fund registers four new sites as Egypt hosts board meetings    Turkish firm Eroglu Moda Tekstil to invest $5.6m in Egypt garment factory    Maduro faces New York court as world leaders demand explanation and Trump threatens strikes    Egypt, Saudi Arabia reaffirm ties, pledge coordination on regional crises    Al-Sisi pledges full support for UN desertification chief in Cairo meeting    Al-Sisi highlights Egypt's sporting readiness during 2026 World Cup trophy tour    Egypt opens Braille-accessible library in Cairo under presidential directive    Abdelatty urges calm in Yemen in high-level calls with Turkey, Pakistan, Gulf states    Madbouly highlights "love and closeness" between Egyptians during Christmas visit    Egypt confirms safety of citizens in Venezuela after US strikes, capture of Maduro    US forces capture Maduro in "Midnight Hammer" raid; Trump pledges US governance of Venezuela    From Niche to National Asset: Inside the Egyptian Golf Federation's Institutional Rebirth    5th-century BC industrial hub, Roman burials discovered in Egypt's West Delta    Egyptian-Italian team uncovers ancient workshops, Roman cemetery in Western Nile Delta    Egypt, Viatris sign MoU to expand presidential mental health initiative    Egypt's PM reviews rollout of second phase of universal health insurance scheme    Egypt sends medical convoy, supplies to Sudan to support healthcare sector    Egypt sends 15th urgent aid convoy to Gaza in cooperation with Catholic Relief Services    Al-Sisi: Egypt seeks binding Nile agreement with Ethiopia    Egyptian-built dam in Tanzania is model for Nile cooperation, says Foreign Minister    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    UNESCO adds Egyptian Koshari to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Procedures for 1st mortgage union to be finalised before Ramadan: EFSA Head
CBE allocates EGP 10bn to revive mortgage initiative, expected to be spent within 12 months, says Deputy Governor
Shaimaa Elise Published in Daily News Egypt on 12 - 05 - 2015

Head of the Egyptian Financial Supervisory Authority (EFSA) Sherif Sami said the authority is finalising the procedures for the first mortgage union elections.
The union will comprise all mortgage stakeholders and will be established before Ramadan, to facilitate financial procedures for the real estate sector.
In a Tuesday roundtable discussion entitled "Development Partners Initiative", Sami revealed that the total portfolio of mortgage companies on the Egyptian market is EGP 2.5bn.
Sami added that the Egyptian real estate finance system's weakness is due to the difficulty of registration procedures and high financial requirements of this activity.
The EFSA has demanded that the cabinet form a committee that includes the Ministry of Justice, mortgage companies, and real estate experts, to discuss the constraints and facilitations of registration procedures, Sami said.
Central Bank of Egypt (CBE) Deputy Governor Tariq Fayed predicted that the EGP 10bn allocated by the CBE for reviving mortgage initiatives will be spent within 12 months.
Fayed said the CBE's interest is in providing long-term financing of up to 20 years, as well as a 7% decline in interest rates for low-income people, and 8% for middle-income people.
The real estate sector has the ability to raise economic growth, and it is participating in 60 to 70 related industries. The available funding to the real estate sector ranges from EGP 10bn to EGP 12bn, which is insufficient as the sector needs over EGP 1tn, according to Fayed.
Minster of Investment Ashraf Salman said that the size of contracts does not exceed 2,000, which is frustrating.
Salman called for the transferral of the Ministry of Irrigation-affiliated Egyptian Survey Authority (ESA) to the Ministry of Justice, to unify all the measures relating to mortgage activity. In addition to this, a specific formulation for financing real estate under construction in the mortgage law should be developed to increase its rates in the future.
Mortgage Finance Fund (MFF) head Mai Abdel Hamid said the real estate market is suffering from a deficit of two million housing units annually, and partnership with the private sector is the solution to increase the number of housing units.
Abdel Hamid added that the Ministry of Housing has launched four stages of the social housing units project, and about 155,000 applicants, or 70%, failed to meet the required conditions.
She noted that the MFF is committed to providing 240,000 units within the framework of the social housing units project, with funding from the World Bank amounting to EGP 1.6bn.

Clic here to read the story from its source.