almal > RightWingAd
almal > LeftWingAd

Ahli United Bank extended EGP200mln mortgages since 2012: CEO

Saturday 08 September 2018 05:28 PM

Niveen El-Maseery
Niveen El-Maseery

By Ahmed El-Desouki & Sayed Badr
Ahli United Bank extended EGP200mln loans to Egyptian market's clients since 2012, according to chief executive Niven El-Maseery.
" AUB is set to expand the Central Bank of Egypt's initiative which provides  mortgages to low-income earners," El-Maseery told Al-Mal newspaper.
AUB joined shareholders of the Egyptian Mortgage Re-finance Company upon acquiring a stake worth EGP3mln.
" AUB has participated in CBE's initiative and will extend EGP5mln loans to 50 low-income earners," said El-Maseery on the sidelines of Euromoney Conference, adding that small and medium-sized enterprises  constitute 20 percent of AUB's total portfolio estimated at EGP25bn.
Back in February 2014, CBE unleashed initiative worth EGP10bn to provide low and medium-income earners with mortgages against 7 and 8 percent interest payments respectively.
As of last February, CBE allowed in clients with less than EGP1400 income at decreasing interest of 5 percent per year.
Also, CBE funded mortgages for clients with upper middle incomes not exceeding EGP15k for individuals and EGP20k for households against decreasing interest annual payments of 10.5 percent.