Egyptian Banks, Companies Pump EGP 55.5 B to Finance Low-income Citizens

by nevine

According to Amwal Al Ghad, Egyptian banks and companies have granted financing worth nearly EGP 55.5 B within the real estate financing initiative for low-income people to about 486,659 thousand customers until the end of last month.

A report issued by the Social Housing and Real Estate Finance Support Fund, of which Amwal Al Ghad obtained a copy, revealed that banks pumped 53.185 B pounds to 467,550 thousand customers, acquiring 95.8% of the initiative.

The report added that the companies pumped around 2.333 B pounds within the initiative to about 9.109 thousand customers to acquire 4.2% of the initiative.

The five largest participating banks in the Central Bank of Egypt’s initiative for real estate financing pumped over EGP 41 B by the end of 2022, acquiring 73.9% of the total financing within the initiative.

The report further revealed that the number of beneficiaries of the five banks’ financing amounted to 370,17 thousand clients within the real estate financing initiative until the end of last December.

The National Bank of Egypt topped the list with a financing volume of EGP 15,179 B, through which 132.1 thousand customers benefited, with a market share of 27.3%.

In second place came Banque Misr with total financing of EGP 12.875 B directed to 109 thousand customers, with a share of 23.2%.

While the Housing and Development Bank provided real estate financing within the initiative, with a value of EGP 6.6 B directed to 69.92 thousand customers, with a share of 11.9%, ranking third among the participating banks.

Banque du Caire secured fourth place at a value of EGP 3.35 B, directed to about 35.4 thousand beneficiaries, with a share of 6% of the total bank financing within the initiative.

And finally, the Commercial International Bank – Egypt, CIB, provided real estate loans within the initiative, with a value exceeding EGP 3.07 B, benefiting 23.66 thousand customers, with a share of 5.5%.

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