Egypt to offer 10% interest rate on mortgages for middle-income homeowners

Middle-income homebuyers to get 10% interest rate under subsidized mortgage initiative: Members of a committee working on an initiative to subsidize mortgages for middle-income homebuyers have agreed to set preferential interest rates at 10%, a committee member said, according to Masrawy. The committee is currently awaiting an approval on the rate from the CBE, which said in May it would spend EGP 50 bn on the initiative. A similar program originally ran from 2014 until January this year and offered middle-income homeowners long-term loans at a 5-7% rate of interest. The program is meant to support the real estate sector to expand projects that “will have an economic impact in employment, GDP, and the economy,” the CBE had said.