NBE to provide social mid-income housing project Dar Misr with EGP 2 bn

The National Bank of Egypt (NBE) has agreed to provide EGP 2 bn in funding for clients looking to finance residential units in the social mid-income housing project Dar Misr before the end of 2017, Retail Credit Risk division head Karim Sous tells Al Mal. The amount is expected to finance around 5,000 units in Dar Misr developments across the country. Housing and Development Bank Chairman Fathy El Sebai had previously told the newspaper that he expects banks that signed onto the Dar Misr initiative to provide the project with a collective EGP 100 bn in financing during its four years of development.