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State keen on implementing EGP 100 bln housing units presidential initiative for middle-income brackets: Egypt PM

The premier said the allocation of the sum to real estate financing is meant to support low and middle-income categories right to good housing

MENA , Thursday 10 Jun 2021
PM
Egypt's Prime Minister Mostafa Madbouly. The Egyptian Cabinet
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Prime Minister Mostafa Madbouly stressed the Egyptian state's keenness on providing adequate housing units for low and middle-income brackets in activation to a presidential real estate financing initiative worth EGP 100 billion in this regard.

During a meeting Wednesday to follow up accelerating measures to activate the initiative, the premier said the allocation of the sum to real estate financing is meant to support low and middle-income categories right to good housing, Cabinet Spokesman ambassador Nader Saad said.

According to the spokesman, the Central Bank of Egypt (CBE) deputy governor presented a detailed report on the initiatives' conditions for the beneficiaries.

All mechanisms related to the mortgage program, along with financing rates and incomes of clients meeting the CBE conditions figured high during the meeting, ahead of being announced, he said.

Minister of Housing, Utilities and Urban Communities Assem El-Gazzar, CBE Deputy Governor Hisham Najem took part in the meeting, among others.

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