Banks operating in the Egyptian market and a number of real estate financing companies have injected EGP 46.368bn in financings to about 29,000 customers within the Central Bank of Egypt’s (CBE) initiative to finance real estate for low and middle-income people.
The Social Housing and Mortgage Finance Support Fund revealed in a report on Sunday that the banks provided real estate financing worth EGP 44.335bn to about 411,000 customers, while the volume of funds pumped by real estate finance companies amounted to EGP 2.193bn.
The National Bank of Egypt (NBE) topped the list of banks participating in this initiative, with a financing volume of EGP 12.34bn, benefiting 112,973 clients with a market share of 26.5%.
Banque Misr ranked second with a share of 21.4% at a value of EGP 9.976bn worth of loans directed to 91,336 clients, followed by the Housing and Development Bank with EGP 6.242bn of financing directed to 67,543 clients, representing a 13.4% share.
Banque du Caire came in fourth place with a value of EGP 2.997bn in financing, directed to 32,862 clients — a share of 6.4% — followed by the Commercial International Bank (CIB) with loans worth EGP 2.735bn obtained by 21,816 clients with a share of 5.9%.
Meanwhile, the Industrial Development Bank came in sixth place with EGP 1.664bn directed to 15,816 clients — a 3.6% share of the total financing.
Furthermore, QNB AL-AHLI provided financing worth EGP 1.559bn directed to 12,465 clients, followed by the United Bank with EGP 1.474bn and 11,318 clients.
Additionally, the Arab African International Bank ranked ninth with a value of EGP 1.097bn directed to 9,578 clients, followed by BLOM Bank in tenth place, with a financing volume of EGP 626.995m for 5,501 clients.
At the corporate level, Al-Tameer Real Estate Finance acquired the largest share of the financing by 1.7% with a financing value of EGP 813.617m for 6,742 clients.
Contact Real Estate Finance ranked second with a market share of 1.5% of the total real estate finance with a value of EGP 698.347m until the end of last June, targeting 5,364 clients.
Moreover, Al-Ahly Real Estate Finance came in third place with a share of 0.6% with a value of funds of EGP 285.116m directed to about 2,543 clients, and in fourth place came Amlak Real Estate Finance with a share of 0.5% and a value of EGP 252.940m in financing directed to 2,328 clients. Finally, Tamweel Financing came in sixth place with a financing size of EGP 68.66m for about 602 clients.
Source:https://dailynewsegypt.com/2022/07/17/banks-and-companies-injected-egp-46-368bn-in-egypt-under-the-real-estate-financing-initiative/