Egypt's Nile water committee reviews trilateral negotiations on Ethiopia's GERD    Germany's Merkel gives Britain 30 days to find last-minute Brexit solution    Egyptian police seize 100kg of methamphetamine, arrest 5 people    Egypt's Zohr gas field output rises to 2.7 bln cubic feet per day: Minister    Tottenham Hotspur plans to refinance stadium debt -source    Asian markets lower, traders look to central banks for guidance    Tennis: India expect 'positive' verdict on Davis Cup tie against Pakistan    Tennis: Wildcard Pera stuns third seed Strycova to move into Bronx quarters    FIFA appoint normalisation committee for Egypt's FA until elections    Media body secretary general arrested as part of judge bribery probe: Authority    Egypt drafting new law to impose tax on social media ads, online services    Death toll from Afghan wedding blast rises to 80: Officials    US says it's ready to resume nuclear talks with North Korea    Egypt's MSMEDA injects EGP 2.8 bln into micro, small enterprises in H1 2019    Egypt's Banque du Caire expects to sell minority stake by early 2020    Egypt arrests secretary general of top media body for alleged bribery: Source    Hong Kong leader hopes way out of chaos with dialogue, mutual respect    UK's PM Boris Johnson opening Brexit bid: rip out Irish border backstop    Iran's tanker heads to Greece; U.S. warns against helping vessel    Liverpool thankful to have Egyptian star Salah on his frontline: Klopp    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    ACWA Power compares 3 bids to supply production units for Luxor power station    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Cairo's historic Tahrir square to be renovated – PM    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    28th Citadel Festival for Music and Singing embraces attendees with international troupes    A simple diet change could help live longer, reduce cardiovascular risks by 16%    Serbian Micho to be Zamalek's new coach: Egypt's Mortada Mansour    Cairo University tops 2019 Shanghai Academic Ranking    3 sentenced to death for 2016 killing of 4 Egyptian policemen    Ministry of Environment has a plan for "black clouds season"    Too early to estimate Nile's flooding volume: Irrigation Ministry    Sudan's key opposition may nominate economist Abdalla Hamdok for prime minister    Egypt to launch Bike for Every Citizen initiative soon    Egypt's Zamalek equal club record with 7-0 hammering of Somalia's Dekedaha    LA Opera declines details on longtime general director's investigation    Sudan opposition to nominate economist Abdalla Hamdok for prime minister: Sources    Egypt produces ‘Fraud' documentary on Muslim Brotherhood history    Photo of Egyptologist Zahi Hawass to decorate NYC's Times Square to promote tourism to Egypt    T. Jefferson Parker tells latest tale in tight, vivid prose    

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

NBE's mortgage finance portfolio exceeds EGP 7bn end-June
CBE's initiative beneficiaries reach 68,000 this June, up from 38,000 in June 2018, says Okasha
Published in Daily News Egypt on 18 - 07 - 2019

The total mortgage finance portfolio of the National Bank of Egypt (NBE), as part of the initiative of the Central Bank of Egypt (CBE), reached more than EGP 7bn from the launch of the initiative until the end of June 2019 against EGP 4.1bn in June 2018, up by 73%.
This comes within the NBE's strategy to support the state plans, especially those related to the low-income category.
Hisham Okasha, the NBE chairperson, said that the bank aims to participate in the initiative to provide safe housing and good investment. This is in addition to providing all means of facilitating the citizens, especially the low-income segments, as well as expansion and investment in the mortgage finance for social housing.
Okasha explained that the number of beneficiaries of this initiative for low-income customers exceeded 68,000 clients against 38,000 in June 2018, up by 79%.
The bank's participation in CBE's initiative for real estate finance comes within the framework of the bank's strategy to implement the state's plans. This aims to develop the national economy, supports the Egyptian citizens especially the neediest citizens, according to Okasha.
He added that it is also the implementation of CBE's policy to consolidate the principle of financial inclusion, which is always sought by the NBE.
According to Okasha, the NBE is setting its mortgage finance activity as one of its priorities by supporting the portfolio through an integrated system to study the neediest groups, to design their own financing programs to suit their abilities and meet their needs, thus leading the banking system in Egypt.
Yehya Aboul Fotouh, deputy chairperson of NBE, pointed out that one of the most important factors that helped the bank lead the initiative is its branch network covering all governorates and providing all banking services.
He added that these factors also include the continuous development of work procedures, which contributed to reducing the work cycle and the time and effort of customers. Inevitably, this helps them reach the largest segment of customers and to facilitate all forms of payment for their monthly instalments, through electronic payment channels.
Aboul Fotouh pointed out that the NBE has already established three independent units for mortgage finance in the Sixth of October, the 10th of Ramadan, and the industrial zone in Minya, in addition to allocating a number of branches distributed throughout the country to deal with the social housing programme.
The bank also established a special section to complete mortgage finance procedures, particularly for low-income citizens.

Clic here to read the story from its source.