President Abdel Fattah El Sisi has called upon the Central Bank of Egypt (CBE) to draw up and launch a new real estate financing programme for the benefit of limited and middle-income groups to support their ability to own housing units, through long-term loans of up to 30 years with a low and simple interest that does not exceed three per cent.
The president’s remarks came during his meeting Sunday with Central Bank Governor Tarek Amer, Deputy CBE Governor for Banking Stability Jamal Nagm, Deputy CBE Governor for Monetary Stability and First Deputy CBE Governor Mai Abo el-Naga, Presidency Spokesman Ambassador Bassam Radi said.
During the meeting, the president was also briefed on the efforts of the CBE regarding financial inclusion, whose application rate reached 50 per cent nationwide.
The president also followed up on a project for savings and loans that benefits a large number of women and called for developing this vital project and maximising its financial resources to increase the number of beneficiaries in all parts of Egypt.
Also during the meeting, a review of the results of the presidential initiative that was launched in 2015 for medium, small and micro companies indicated that the total volume of financing for them reached nearly LE234 billion.
The review also showed that some 1.2 million commercial and industrial establishments benefited from the initiative and provided about one million job opportunities as a result of increasing the volume of this financing by an additional LE117 billion during the current and next year.
The activities of the banking sector were then reviewed, pointing to the sector’s strength and stability of performance during the experience and pressures of the coronavirus pandemic.