Housing loans in Egypt to reach EP 9 billion

Published June 24th, 2001 - 02:00 GMT

Market sources anticipate the value of future requests for housing loans to reach nine billion Egyptian pounds ($2.3 million) after the first year of enactment of the mortgage leasing law.  

 

The Egyptian parliament is shortly expected to approve the new law, which aims to support limited income families, according to the London based Al-Hayat daily. The new law will facilitate the financing of new homes for these families through long-term installments which will not exceed 25 percent of the individual’s monthly income.  

 

In addition, the new law obliges the government to build 300,000 new apartments with a budget of EP 1.3 billion. –(MENA Report) 

© 2001 Mena Report (www.menareport.com)


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