Banks, mortgage companies inject EGP 78.66bn into low-income initiative in November

Monetary establishments collaborating in Egypt’s low-income mortgage finance initiative supplied a complete of EGP 78.66bn in funding to over 606,839 beneficiaries in November 2024. A report from the Social Housing Fund and Mortgage Finance Fund revealed that 22 banks contributed EGP 76.151bn, benefiting roughly 587,048 shoppers, accounting for 96.6% of the initiative’s complete funding. Mortgage finance firms supplied EGP 2.511bn to 19,791 shoppers, representing 3.2% of the entire.

The Nationwide Financial institution of Egypt (NBE) led the initiative, delivering EGP 19.432bn to 155,275 shoppers, equal to 24.7% of the entire funding. Banque Misr adopted with EGP 18.345bn for 141,472 shoppers, representing a 23.3% share. The Housing and Growth Financial institution (HDB) ranked third, offering EGP 7.659bn to 75,105 shoppers, equal to a 9.7% share. Banque du Caire carefully matched HDB with EGP 7.659bn allotted to 56,333 shoppers, additionally claiming a 9.7% share.

QNB got here subsequent, contributing EGP 5.176bn to 30,340 shoppers, representing 6.6% of the initiative. The Business Worldwide Financial institution (CIB) ranked sixth, providing EGP 4.440bn to twenty-eight,808 shoppers, accounting for a 5.6% share. The United Financial institution supplied EGP 2.049bn to 14,715 shoppers, representing 2.6% of the funding, whereas the Industrial Growth Financial institution (IDB) contributed EGP 1.999bn to 17,781 shoppers, reaching a 2.5% share. Subsequent Financial institution adopted with EGP 1.445bn for 9,041 shoppers, representing 1.8%, whereas the Arab African Worldwide Financial institution (AAIB) delivered EGP 1.339bn to 10,834 shoppers, making up 1.7%.

Amongst mortgage finance firms, Al-Taameer Mortgage Finance took the lead with a portfolio of EGP 991.923m for 7,429 shoppers, representing 1.3% of the initiative. Contact Mortgage Finance adopted with EGP 838.728m for six,167 shoppers, representing a 1.1% share. Al-Ahly Mortgage Finance ranked third with EGP 284.429m for two,535 shoppers, accounting for 0.4%. Amlak Mortgage Finance contributed EGP 252.133m to 2,320 shoppers, representing 0.3% of the entire.

Tamweel Mortgage Finance got here fifth among the many firms with EGP 68.666m supplied to 602 shoppers, representing 0.1%. The Egyptian Housing Finance Firm adopted with EGP 43.042m for 429 shoppers, equal to 0.1%, whereas Ahli United Financial institution supplied EGP 19.973m to 200 shoppers. The Arab African Worldwide Firm concluded the record with EGP 12.2m allotted to 109 shoppers.

This complete effort displays the numerous position of each banks and mortgage finance firms in increasing entry to reasonably priced housing for low-income people, driving social and financial progress in Egypt.