The Social Housing and Mortgage Finance Fund has revealed that banks and companies injected EGP 61.46bn in the mortgage financing initiative for low-income people until July 2023, benefiting about 522,306 customers.
According to a recent report issued by the Fund, banks have injected financing worth EGP 59.125bn to about 503.183 thousand customers, accounting for 96.2% of the total initiative.
The companies have injected financing worth EGP 2.334bn to about 19,123 customers within the initiative, accounting for 3.8% of the total initiative.
According to the report, the National Bank of Egypt topped the list of banks participating in the initiative, as it injected financing worth EGP 16.455bn to about 139,746 customers, thus acquiring 26.8% of the total funds that were pumped within the initiative.
The report revealed that Banque Misr ranked second among these banks, with financing amounting to EGP 14.899bn for about 121,212 customers, or 24.2%, followed by the Housing and Development Bank (HDB) with 11.2%, and financing amounting to EGP 6.854bn for about 71,391 customers.
In fourth place came Banque du Caire with a rate of 6.6% and financings of EGP 4.052bn for about 39,795 customers, then CIB with a rate of 5.2% and financings worth EGP 3.226bn for about 24,443 customers.
QNB Alahli came sixth, with a share of 4.8% and financing worth EGP 2.946bn for 20,630 customers. The Industrial Development Bank came next, with a share of 3% and financing worth EGP 1.822bn for 16.671 customers.
The report wrote that the United Bank ranked eighth, with financing of EGP 1.741bn, or 2.8%, for about 13,116 customers, followed by the Arab African International Bank (AAIB), with 2%, and financing of EGP 1.202bn for about 10,192 customers. Mashreq Bank came tenth with financing worth EGP 878.421m, for about EGP 5,438 clients, at a rate of 1.4% of the initiative’s funds.
The fund also revealed that real estate finance companies have injected EGP 2.334bn to about 19,123 customers within the real estate financing initiative for low-income people until the end of July 2023, to acquire 3.8% of the total funds that were injected within that initiative.
According to the Fund, Contact Mortgage topped the list of companies participating in this initiative, with financing amounting to EGP 838.728m for 6,167 customers. Al Tameer Mortgage Finance offered EGP 814.022m to 6,745 customers, and Al-Ahly Mortgage Finance pumped EGP 285.116m for about 2,573 customers.
The volume of funds injected by Amlak Finance amounted to EGP 252.940m to 2,328 clients, while Tamweel Mortgage Finance injected EGP 68.666m to 602 clients.
According to the fund, Egyptian Housing Finance injected EGP 43.042m for 429 clients, while the Arab African International Company injected EGP 12.211m finance for 109 clients.
