Banque Misr to launch cross-border mortgages

Banque Misr plans to launch a mortgage financing facility soon for Egyptian expats in the UAE interested in owning property back home, according to Al Mal. The fund will offer loans between EGP 200k-5 mn, with payment plans of up to 10 years. Emirates NBD already provides a similar service, which is an alternative for Egyptian banks to shoring up foreign reserves.