The financing was done within the framework of the CBE's real estate finance initiative for low-income citizens
Banque Misr financed 7,000 housing units worth EGP 570m, demonstrating its role in the banking industry and the continuation of its support to low-income citizens through national initiatives. The financing was in cooperation with the Guarantee and Subsidy Fund (GSF) as part of the Central Bank of Egypt's (CBE) initiative for low-income citizens. Banque Misr finances over 1,200 units per month, while aiming to increase the number of units early next year.
The CBE's initiative comes to support the state's plans to achieve comprehensive development in order to alleviate the burden on low-income citizens and improve their standard of living. This is done through social housing projects that provide accommodation in organised residential communities equipped with full services and facilities including roads, drinking water, electricity, and sanitation throughout Egypt, both in major cities and in new urban communities.
The bank plans to access financing of 5,000 units a month. It is adding various financing programmes to suit every category of society, including civil servants, public and private sector employees, self-employed citizens, and pensioners. The procedure for obtaining financing has been improved and requires less paperwork.