Suez Canal vehicle carrier traffic set to rebound by 20% in H2: SCA chief    Egyptian Exchange ends mixed on July 15    Tut Group launches its operations in Egyptian market for exporting Egyptian products    China's urban jobless rate eases in June '25    Egypt's Health Minister reviews drug authority cooperation with WHO    Egypt's PM orders 60,000 new homes for Alexandria's unsafe buildings    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Escalation in Gaza as Israeli airstrikes intensify, ceasefire talks stagnate    Agriculture Minister discusses boosting agricultural cooperation with Romania, Moldova    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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.



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.