{"id":618819,"date":"2024-04-21T00:00:00","date_gmt":"2024-04-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/21\/fresh-capital-requirements-for-mortgage-finance-firms-more-approved-by-the-cabinet\/"},"modified":"2024-04-21T00:00:00","modified_gmt":"2024-04-21T00:00:00","slug":"fresh-capital-requirements-for-mortgage-finance-firms-more-approved-by-the-cabinet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/21\/fresh-capital-requirements-for-mortgage-finance-firms-more-approved-by-the-cabinet\/","title":{"rendered":"Fresh capital requirements for mortgage finance firms + more approved by the cabinet"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mortgage finance firms could soon see their capital requirement doubled<\/strong> to EGP 100 mn \u2014 in local currency or its equivalent in FX \u2014 up from EGP 50 mn under new amendments proposed by the Madbouly cabinet on Thursday to the Mortgage Law, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Qccr5qCzFUDiXYBS6PyE57NnVw88iS18LoVwRz14hR6mYzD96hAgNTpMTHR9ZQpjl\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Firms will have a year to comply with the new capital requirement<\/strong> once it gets the final greenlight. The Financial Regulatory Authority will have the right to extend this grace period by two years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> The amendment came in response to the rise in building materials costs, which consequently has pushed up real estate prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Better protection for mortgage firms:<\/strong> The amendments also introduce procedures to expedite the process of recovering overdue payments, allowing mortgage firms to take legal action in certain cases. This comes with the aim of pushing mortgage finance firms to lend out more funds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How it works: <\/strong>If the borrower fails to settle the overdue payments within 60 days of receiving a notice from the mortgage company \u2014 which the company can send once the payment is 30 days overdue \u2014 the firm can request the sale of the unit according to market price to settle the borrower\u2019s dues. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THE CABINET ALSO APPROVED-<\/strong><\/p>\n<ul>\n<li>A draft decision to <strong>set up a new private freezone<\/strong> dubbed <strong>The Suez Canal for Modern&nbsp;<\/strong><strong>Boats Company <\/strong>south of Safaga. The zone will manufacture, maintain, and export yachts. <\/li>\n<li><strong>Changes to economic courts:<\/strong> The ministers approved amendments to the Economic Court Act, which regulates economic courts and defines their jurisdictions. The amendments aim to regulate the formation of courts of first instance and chambers of appeal.<\/li>\n<li><strong>Extending foreign operators\u2019 exemption from airport fees<\/strong> until November as part of the state\u2019s efforts to boost tourism. The exemption was set to end <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ca84bbc-abd5-4f40-baff-fe7a89292f34\/egypt-to-relax-freezone-regulations-to-boost-investment\" style=\"\" rel=\"noopener\">last month<\/a>. <\/li>\n<li><strong>A contract between the Finance Ministry and an unnamed company<\/strong> to provide clearing and settlement services for investors for a period of three years.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The cabinet approved amendments hiking the capital requirements for mortgage finance firms to EGP 100 mn<\/p>\n","protected":false},"author":1,"featured_media":618820,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7306],"tags":[282,72,2061,595,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-cabinet-watch","tag-enterpriseam","tag-mortgage-finance","tag-non-banking-financial-services","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"0bf35d87-a797-48c7-9741-8d31b3eb6635","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1364.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fresh capital requirements for mortgage finance firms in Egypt + more approved by the cabinet","related_issue":[618807],"teaser":"The cabinet approved amendments hiking the capital requirements for mortgage finance firms to EGP 100 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.1eb5d25b-1113-4553-a81e-fbaeb08b45a5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The company will have a capital of EGP 300 mn and will be responsible for the infrastructure of new freezones and addressing the needs of existing\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568105,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/17\/partnering-with-the-state-on-affordable-housing\/","url_meta":{"origin":618819,"position":1},"title":"Partnering with the state on affordable housing?","author":"enterpriseam admin","date":"17 December 2020","format":false,"excerpt":"Private-sector real estate developers can work on government-sanctioned social housing projects under a cabinet decision. Homes developed by the private sector will be sold to low- and middle-income families and individuals under the same conditions as those sold by the state\u2019s Mortgage Finance Fund, cabinet said in a statement following\u2026","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557157,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/08\/cib-to-offer-mortgage-finance-for-sodic-units\/","url_meta":{"origin":618819,"position":2},"title":"CIB to offer mortgage finance for SODIC units","author":"enterpriseam admin","date":"8 September 2021","format":false,"excerpt":"CIB will now offer financing options with up to 20-year terms to home buyers purchasing property at SODIC-owned real estate developments, the upmarket real estate developer said in a press release (pdf). Under the cooperation protocol signed earlier this week, SODIC clients will be able to purchase ready-for-delivery homes with\u2026","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/106.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547558,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/are-securitized-bonds-gaining-momentum-in-our-mortgage-market\/","url_meta":{"origin":618819,"position":3},"title":"Are securitized bonds gaining momentum in our mortgage market?","author":"enterpriseam admin","date":"27 June 2022","format":false,"excerpt":"A consortium of local mortgage lenders is mulling a securitization program that could be worth over EGP 2.5 bn, Enterprise has confirmed, just a week after the local mortgage market saw its first ever securitization. Al Oula, Al Ahly Mortgage Finance, and Amlak Egypt are part of the consortium currently\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/311.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594290,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/24\/cbe-extends-egp-235-mn-in-mortgage-financing\/","url_meta":{"origin":618819,"position":4},"title":"CBE extends EGP 235 mn in mortgage financing","author":"enterpriseam admin","date":"24 October 2019","format":false,"excerpt":"The Central Bank of Egypt (CBE) has extended an additional EGP 235 mn to mortgage companies to provide subsidized loans for middle-income homebuyers., Mortgage Finance Fund Chairwoman May Abdel Hamid told Masrawy reporters. The CBE recently renewed its mortgage financing program that originally ran from 2014 until January this year,\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561687,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/18\/al-ahly-takes-lions-share-of-egypts-mortgage-finance-market\/","url_meta":{"origin":618819,"position":5},"title":"Al Ahly takes lion\u2019s share of Egypt\u2019s mortgage finance market","author":"enterpriseam admin","date":"18 April 2021","format":false,"excerpt":"Al Ahly Mortgage Finance accounted for 34.4% of the country\u2019s mortgage finance market in January and February 2021, with EGP 229.8 mn of funding doled out during the first two months of the year, according to a Financial Regulatory Authority (FRA) report(pdf). Tamweel Group came in second place with a\u2026","rel":"","context":"In &quot;Finance&quot;","block_context":{"text":"Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=618819"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618819\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/618807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/618820"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=618819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=618819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=618819"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=618819"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=618819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}