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EMRC Latest News
March 2017: EMRC launched a new product in corporation with the Central Bank of Egypt to refinance mortgages for low and middle income citizens under the CBE initiative.
Continuing its vital role in supporting Egypt’s mortgage finance market, EMRC signed a subordinated loan contract worth EGP500mn with the Central Bank of Egypt. The loan lies within the framework of the mortgage finance initiative which supports the low and middle income citizens through which EMRC will allocate the EGP500mn as a first tranche to Mortgage Finance Companies that intend to take part in the initiative. This follows the Central Bank of Egypt’s decision to allow Mortgage Finance Companies to work side by side with Banks instead of working under their umbrella which allows the Companies to play more effective role in the initiative and take part in boosting the sector in the coming few years.
This is the first refinance agreement to be signed with Banque Misr being one of the four entities that were assigned to handle the financing of the National Housing Program (NHP) that supports low income citizens.
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