Aloula to spend EGP 350 mn on mortgage finance for low-income earners

El Taamir Mortgage Finance (Aloula) plans to lend EGP 350 mn as part of the CBE’s mortgage finance initiative to low-income house buyers, that will be funded by the Egyptian Mortgage Refinance Company, Chairman Hassan Hussein tells Al Borsa. The CBE’s initiative offers mortgage finance loans at 5% and 7% interest rates. The first phase of the CBE initiative, launched in 2014, offers EGP 10 bn in mortgage finance in total, of which EGP 6 bn have already been spent as of last May.