In what analysts described as a “kiss of life” for Egypt’s property market, the Central Bank of Egypt unveiled a 50-billion-pound ($2.97 billion) mortgage initiative on May 30. It is designed to enable Egypt's middle class to buy property, Sherif Samy, former chairman of the Financial Regulatory Authority, told Al-Monitor.
“This is a continuation of a previous initiative to provide those who cannot afford a mortgage to buy housing,” Samy said, referring to the Central Bank’s 2014 mortgage initiative.