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Home»News»Banque Du Caire Finances the Purchase of 9000 Housing Units within the Framework of the Initiative of the Central Bank of Egypt for Financing Real Estates
 
 
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Banque Du Caire Finances the Purchase of 9000 Housing Units within the Framework of the Initiative of the Central Bank of Egypt for Financing Real Estates 

27 Mar, 2017 
 
 
Injecting more funds in the initiative of financing real estate is the most recent procedure adopted by Banque du Caire to provide sufficient financing to middle and low income citizens to enable them to acquire decent homes. Banque du Caire positively supported this initiative since its inception by the Central Bank of Egypt, as it always supports national initiatives that aim at developing local communities and achieving sustainable development for the country as a whole.
Mr. Mounir El Zahid Chairman of the Board of Directors and Managing Director of the bank announced the success of Banque du Caire in financing 9000 housing units for medium and low income families as part of its keenness to support the directives of the state, most salient of which is achieving social justice and alleviating the economic burdens born by those families, by satisfying their basic needs including of course having decent homes. The bank is currently proceeding to finance the housing units of Dar Misr(The Home of Egypt) project which is part of the initiative of the Central Bank of Egypt to finance real estate for middle and upper middle income families. He further asserted the importance of this initiative in achieving inclusive financing and expanding the base of bank customers, in addition of course to supporting Egypt's economy at large.
The Central Bank of Egypt has commenced this initiative by allocating E.P. 10 billion to finance medium and low income housing units with a very low annual interest rate ranging between 5 % and 7 % only for low income categories, and 8 % for middle income categories, and 10.5% for upper medium income categories and for long terms of repayment up to twenty years
 
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