Egypt Sets New Procedures to Fund Housing Units

Tuesday, 26 March, 2019 - 16:15
Cairo- Asharq Al-Awsat

Egypt’s government, the Central Bank of Egypt (CBE) and real estate developers agreed on procedures to fund housing units, in order to contribute to spurring the real estate investment sector.

This agreement was made during a meeting chaired by Prime Minister Mostafa Madbouli in the presence of Central Bank Governor Tarek Amer, Minister of Housing, Utilities and Urban Communities; Assem al-Jazzar and officials from the banks in addition to real estate developers.

During the meeting, the PM said that the real estate investment is vital for the state and the government is aware of the contributions of the sector to the Egyptian economy in the previous period.

There is ongoing work to activate the real estate funding mechanism to increase investments in this sector, Madbouli added.

For his part, Amer affirmed that work is in the process to boost real estate funding in banks, and the necessary funding will be provided for real estate developers through mechanisms agreed upon after this meeting.

During the meeting, the idea of the establishment of a fund to support the purchasing interest of units directed to the middle-income was proposed. There was also a suggestion to establish a real estate funding firm that follows development companies in the field.

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