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Only low-income earners to get softloans to finance properties

Thursday 31 January 2019 09:08 AM


By Mohmed Salem & Ahmed Shawky

The Central Bank of Egypt decided to continue offering low interest rates on real estate financing for only low-income earners in response to exhaustion of  EGP20bn funds earmarked within initiative unleashed back in 2014 by the Central Bank of Egypt.

" Low-income earners will only be eligible to get the loans after two tranches of funds earmarked within the CBE's initiative totaling EGP20bn were depleted," vice governor of CBE  Gamal Negm told Al-Mal newspaper.

The initiative provides long-term loans with 20-year maturity at low interest rates ranging from 7 to 8 percent for low and medium-income earners, he said, adding that low-income beneficiaries have reached EGP218,000.