Several banks, companies pump $1.98bln in low-income mortgage finance initiative until July 2023

The Social Housing and Mortgage Finance Fund has revealed that banks and companies pumped EGP 61.46bn in the mortgage financing initiative for low-income people until July 2023, benefiting about 522,306 customers.

According to a recent report issued by the Fund, banks have pumped financing worth EGP 59.125bn to about 503.183 thousand customers, accounting for 96.2% of the total initiative.

The companies have pumped financing worth EGP 2.334bn to about 19,123 customers within the initiative, accounting for 3.8% of the total initiative.

According to the report, the National Bank of Egypt topped the list of banks participating in the initiative, as it pumped financing worth EGP 16.455bn to about 139,746 customers, thus acquiring 26.8% of the total funds that were pumped within the initiative.

The report revealed that Banque Misr ranked second among these banks, with financing amounting to EGP 14.899bn for about 121,212 customers, or 24.2%, followed by the Housing and Development Bank (HDB) with 11.2%, and financing amounting to EGP 6.854bn for about 71,391 customers.

In fourth place came Banque du Caire with a rate of 6.6% and financings of EGP 4.052bn for about 39,795 customers, then CIB with a rate of 5.2% and financings worth EGP 3.226bn for about 24,443 customers.