Maha Abdel Razek, assistant managing director of Al Oula El Taamir For Mortgage Finance, said that “we intend to inject EGP 350m into the mortgage finance initiative before the end of the first quarter (Q1) of 2018.”
“Al Oula is currently considering 200 applications that have been transferred by the Mortgage Finance Fund to finance medium and low-income units,” she said to Daily News Egypt on the sidelines of the Euromoney Conference.
She also stated that the financial leasing company of the company initial signed a financing contract with Heliopolis For Housing & Development of EGP 500m during the past period and is currently studying other contracts
Abdel Razek said the company aims to increase the volume of monthly funding requests to 350 to 550 applications in the coming period.
Al-Oula is one of the first companies to enter into the medium-income and low-income mortgage initiative after allowing companies to provide loans under the initiative.
She explained that the first mortgage company has developed an expansion plan during the coming period in all works.