By Menna Zaki
The Egyptian Gulf Bank (EGB) will contribute EGP 300m to the Central Bank of Egypt’s (CBE) initiative to construct housing units for low-middle income individuals, Al-Borsa reported Monday.
The CBE announced last month that it would coordinate with the Ministry of Housing and a number of Egyptian banks to construct 10,000 social housing units.
Together, National Bank of Egypt, Banque Misr, Banque du Caire, and the Housing and Development Bank contributed EGP 8.5bn to the project. CBE allocated EGP 10bn.
As part of the programme, the CBE also reduced interest on loans to 7% for low-income individuals and 8% for middle-income individuals.
The housing units will be constructed in cities across Egypt, including 6th of October, 10th of Ramadan, Sadat City, New Beni Souif, New Qena, New Tiba, and New Fayoum.
The Minister of Housing, Utilities and Urban Development Mostafa Madbouly said last month that the project is a “significant priority” for the ministry. He called the project a “massive breakthrough” for a “huge” number of low and middle income individuals.