Housing and Development Bank (HDB) is expected to boost the Egypt’s housing sector by availing funds for setting up about 3000 residential units in the next one year. This is according to Central bank of Egypt’s initiative for mortgage finance that was launched last April
The bank has financed about 850, 000 residential units for low and middle incomes and is projecting to finance 3000 units during the current period.
Chairman of HDB Fathi El Sebaey says that the customer can obtain middle financing unit in a deal with Real Estate Development Company, which is executed according to conditions listed in the initiative for mortgage finance.
First phase of initiative HDB’s stake from Central bank’s initiative reached USD 0.9 billion from the total value of USD 1.4 billion which allocated by the bank.
It is expected that Housing and Development Bank (HDB) EGP2billion stake will rise starting with the implantation of the initiative within this year.