First EGP 10 bn phase of CBE’s Mortgage Finance Fund handed out

Local banks have handed out 100% of the first EGP 10 bn phase of the CBE’s Mortgage Finance Fund, CBE Sub-Governor Gamal Negm announced, Al Mal reports. The second EGP 10 bn tranche, which the CBE had decided to allocate in October, will now be distributed, according to Negm. The fund seeks to boost financing for the middle- and low-income segments by providing favorable lending rates of 7% and 8% over longer time periods. The program is funded by the World Bank and other local institutions, including CIB.