NBE announced that it would offer new four-year loans of between EGP50,000 and EGP3 M for Egyptians abroad against their salaries, on the condition that they transfer installments in foreign currency. NBE assured that loan applicants must be between 21-60 years of age, according to the “Ahram Online ” website.
Installments of the new loans are to be paid in foreign currency based on the exchange rate at the date of payment at an interest rate 2.25% lower than the borrowing rate set by the Central Bank of Egypt (CBE) at the date of receiving the loan.
Egyptian expatriates can apply for the new loans at any NBE bank branch starting Wednesday, 26 July, or through other channels soon to be announced by the NBE.
The new loans will be provided without administrative expenses and include free life insurance, the details of which still need to be disclosed by the NBE.
For its part, Banque Misr has announced a similar offer of four-year loans of up to EGP3 M for Egyptian expatriates.
The Banque Misr loans will include free insurance covering death or total disability.
NBE will also enable holders of Al Ahly Plus CDs to secure a loan for investment purposes of up to 50 percent of the total CD value, with a cap of EGP 10 million, backed by the CD itself.
This loan’s interest rate is 2.25 percent below the CBE interest rate.
The National Bank is expected to announce soon a pension program for Egyptians working abroad in collaboration with Misr Life Insurance. The announcement will occur during a press conference at the Financial Regulatory Authority (FRA) next week.
NBE also announced payment options catering to Egyptians abroad concerning the newly announced US-denominated certificates of deposits.
Overseas Egyptians without a foreign currency bank account can buy the new Al Ahly Plus and Al Ahly Fawran CDs through bank transfers. NBE will then open foreign currency subaccounts for them.
While Banque Misr has also launched a mortgage finance program for Egyptian expatriates covering up to 80 percent of unit prices, which
offers payment periods of up to 15 years.
All relevant details are available on the bank’s website.
