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EMRC is a specialized financial institution that provides funds refinancing to primary mortgage lenders, it will raise funds initially through long-term loans from institutional investors and equity contributions from the founding investors its shareholders, and from bond markets by becoming a well rated and regular issuer in the capital markets.

The Egyptian Mortgage Refinance Company was incorporated under Law 148 for the year 2001. EMRC authorized capital amounts to EGP 640,000,000 whereas the issued and paid up capital amounts to EGP 369,542,000 divided over 369,542 shares (306,466 common shares and 63,076 preferred shares).

EMRC was established in June 2006 to assume the role of a market maker and lay the foundation of an active secondary market with a primary mandate to operate as a second-tier, wholesale, market-based liquidity facility focused on refinancing mortgage loans originated by Primary Mortgage Lenders (PMLs). The Company began actual operations in August 2008.


EMRC is a wholesale institution with a majority ownership by its users. It can neither take deposits nor lend directly to households. It will initially make refinancing loans to PMLs (only shareholding banks and RELCs) collateralized by mortgage loans at full recourse (the PML committing to replace any ineligible or defaulting loans).


EMRC will provide term finance to PMLs in order to reduce the liquidity risk incurred in their provision of long term loans for housing. Its narrow and specialized mission consists in providing loans to qualified PMLs, and issuing bonds and notes in the capital markets.


EMRC will be a repository of mortgage market knowledge and expertise setting appropriate standards for PML documentation and underwriting of mortgages benefiting all mortgage market participants.


The company is structured as an open club whereby all primary market lenders (PMLs) are invited to subscribe in its shareholding. Only shareholders will be allowed to borrow at preferential rates. EMRC activities will concentrate on supporting the housing sector through mortgage markets.

Key Functions

The EMRC is legally empowered to effectively perform a number of key functions:
  • Refinance credit institutions with an immediate and priority access to their mortgage portfolios (in case of a PML bankruptcy),
  • Issue a large amount of tax exempted bonds, enjoy all creditors’ rights including foreclosure, and
  • Be subject to effective financial oversight by the Financial Regulatory Authority (FRA).


As a non-depository and non-banking specialist mortgage institution, EMRC is regulated by the Egyptian Financial Supervisory Authority (EFSA) and enjoy the ability to operate at leverage 9:1. The Central Bank of Egypt (CBE) will support the EFSA as an extension of its oversight functions for the banking system.


The net income of the EMRC will be taxed according to the same treatment accorded to companies. In addition, listed bonds issued by EMRC would receive the same tax treatment as corporate bonds, listed on the stock exchange, with interest and capital gains exempt from taxation.