Egypt invests in affordable housing projects
Those on lower incomes can borrow money at low interest rates
The Commercial International Bank is investing around $70mn for the housing finance initiative of Egypt’s Central Bank to finance low-and-middle-income housing projects.
The Central Bank of Egypt (CBE) last year announced that it had allocated $1.44bn to finance low-income housing projects, to boost the construction and real estate sectors.
It signed on the Central Bank's initiative in August and recently signed an agreement with the Egyptian Mortgage Finance Fund to finance low-income housing projects.
Low-income citizens will be loaned the money at a yearly interest rate of 7% to 8%.