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Egypt mortgage finance authority gives $590 mln loans in 11 years

According to a report by Egypt's Mortgage Finance Authority, loans granted to investors increased by 28.7 per cent

Ahram Online, Monday 26 Nov 2012
Egypt mortgage finance authority gives $590 mln loans in 11 years
(Photo: Reuters)

Egyptian Mortgage Finance Authority (MFA) reported on Monday that the amount of loans granted to investors rose by 28.7 per cent in September 2012 reaching some LE3.6 billion ($590 million) compared to the same month of last year.

The loans were obtained by around 32,000 investors. The lion's share (70 per cent) went to the "low-income" segment, whose monthly salary is up to LE1,750 ($286.7) per month.

The third quarter (July-September) of the current year saw some LE127 million ($28 million), the report added.

Total credits of 13 mortgage financing companies have been recorded at LE2.3 billion ($377 million).

Mortgage finance is governed in Egypt by Law No. 140, issued in 2001, and is supervised by the state-run financial watchdog EFSA.

According to the law, mortgage finance means to finance purchasing, construction, restoration and the development of houses, administrative units and any buildings designated for practicing trade.

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