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Central Bank offers mortgages to help Egypt's middle class

The Central Bank of Egypt has an ambitious plan to provide Egypt's middle class with funding to buy properties.
A general view of the newest project for future homes "One Kattameya" by Egyptian real estate development Memaar Al Morshedy Group at a highway in Cairo, Egypt, September 23, 2018. REUTERS/Amr Abdallah Dalsh - RC186EC1DD50

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.

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