20 banks have injected EGP 24.6bn of funding to finance housing units for 254,200 low and medium-income citizens under the Central Bank of Egypt's (CBE) mortgage finance initiative. According to a report issued by the Mortgage Finance Fund, the amount of financing provided by the National Bank of Egypt (NBE) reached EGP 7.2bn to 73,100 clients, while Banque Misr's funding reached EGP 5.2bn to 52,200 clients. The Housing and Development Bank distributed EGP 4.8bn over 58,100 clients and Banque du Caire contributed EGP 2.1bn to 24,500 clients. The report noted that the Commercial International Bank (CIB) has pumped funds of EGP 1.1bn to 10,300 clients and the Industrial Development Bank provided EGP 1.02bn for 10,000 clients. Moreover, the Arab African International Bank (AAIB) has granted funds of EGP 574.1m to 6,300 clients and Blom Bank funded 3,500 clients with EGP 360m. The report revealed that SAIB Bank injected EGP 329.6m to 3,200 clients, while the United Bank funded 2,900 clients with EGP 318.5m. Furthermore, QNB Alahli has granted funding to 2,900 clients worth EGP 306.6m, while funding from the Arab Investment Bank amounted to EGP 223.9m to 2,500 clients. According to the report, the financing of the Egyptian Arab Land Bank reached EGP 223.4m to 2,112 clients, while EG Bank financed 2,3700 clients with EGP 194.7m. It added that Union National Bank had injected funds worth EGP 162.9m to 1,500 clients and Faisal Islamic Bank of Egypt injected funds worth EGP 63.6m to 656 clients. The National Bank of Kuwait injected EGP 39.6m to 395 clients and the Egyptian Export Development Bank funded 52 clients with about EGP 6m. Credit Agricole pumped EGP 5.5m to 52 clients, while funding from Mashreq Bank reached EGP 3m to 26 clients. For non-banking financing, eight companies participating in the initiative, pumped EGP 1.47bn within the CBE's mortgage finance initiative to 13,400 clients. According to the report, Taamir Mortgage Company injected EGP 551.6m to 4,800 clients, while Contact Mortgage Finance provided EGP 315.7m for 3,060 clients. The volume of financing from Al Ahly Mortgage Finance in the initiative amounted to EGP 259.233m to 2,310 clients. Amlak Egypt injected EGP 226.2m to 2,081 clients. The Egyptian Housing Finance Company pumped EGP 49m of funding to 485 clients, while Tamweel Mortgage Finance distributed EGP 41.9m to 372 clients. The United Bank Mortgage Finance company injected EGP 15.2m to 153 clients, while the Arab African Mortgage Company financed 99 clients with EGP 11.1m. The CBE launched the initiative in February 2014 and allocated EGP 10bn initially before raising the figure to EGP 20bn. The initiative includes granting finances with interest rates of 7% and 8% to middle and low-income citizens. The CBE allowed in February 2019 to finance citizens making under EGP 1,400 per month with a diminishing interest of 5%. After the CBE stopped subsidising the interest at the end of January 2019, the Mortgage Finance Fund signed a protocol for the Ministry of Finance to unlock direct cash and long-term mortgage finance to citizens who applied for the 8th, 9th, and 10th offerings of the social housing project at a lower interest rate.
