The central bank has agreed to expend a second EGP 500 mn tranche to mortgage finance companies from its EGP 20 bn Mortgage Finance Fund, CBE Sub-governor Lobna Helal said, according to Al Mal. Five companies are currently enrolled in the CBE’s initiative and talks are ongoing with the Finance Ministry to keep the program going once the available allowance is used up, Helal also said. The CBE Mortgage Finance Fund had signed agreements earlier this year with Credit Agricole and Faisal Islamic Bank worth EGP 500 mn and EGP 200 mn, respectively, to finance housing purchases for the mid- and low-income segment.

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