Financial institutions participating in Egypt’s low-income mortgage finance initiative provided a total 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 approximately 587,048 clients, accounting for 96.6% of the initiative’s total funding. Mortgage finance companies provided EGP 2.511bn to 19,791 clients, representing 3.2% of the total.
The National Bank of Egypt (NBE) led the initiative, delivering EGP 19.432bn to 155,275 clients, equivalent to 24.7% of the total funding. Banque Misr followed with EGP 18.345bn for 141,472 clients, representing a 23.3% share. The Housing and Development Bank (HDB) ranked third, providing EGP 7.659bn to 75,105 clients, equal to a 9.7% share. Banque du Caire closely matched HDB with EGP 7.659bn allocated to 56,333 clients, also claiming a 9.7% share.
QNB came next, contributing EGP 5.176bn to 30,340 clients, representing 6.6% of the initiative. The Commercial International Bank (CIB) ranked sixth, offering EGP 4.440bn to 28,808 clients, accounting for a 5.6% share. The United Bank provided EGP 2.049bn to 14,715 clients, representing 2.6% of the funding, while the Industrial Development Bank (IDB) contributed EGP 1.999bn to 17,781 clients, achieving a 2.5% share. Next Bank followed with EGP 1.445bn for 9,041 clients, representing 1.8%, while the Arab African International Bank (AAIB) delivered EGP 1.339bn to 10,834 clients, making up 1.7%.
Among mortgage finance companies, Al-Taameer Mortgage Finance took the lead with a portfolio of EGP 991.923m for 7,429 clients, representing 1.3% of the initiative. Contact Mortgage Finance followed with EGP 838.728m for 6,167 clients, representing a 1.1% share. Al-Ahly Mortgage Finance ranked third with EGP 284.429m for 2,535 clients, accounting for 0.4%. Amlak Mortgage Finance contributed EGP 252.133m to 2,320 clients, representing 0.3% of the total.
Tamweel Mortgage Finance came fifth among the companies with EGP 68.666m provided to 602 clients, representing 0.1%. The Egyptian Housing Finance Company followed with EGP 43.042m for 429 clients, equal to 0.1%, while Ahli United Bank offered EGP 19.973m to 200 clients. The Arab African International Company concluded the list with EGP 12.2m allocated to 109 clients.
This comprehensive effort reflects the significant role of both banks and mortgage finance companies in expanding access to affordable housing for low-income individuals, driving social and economic progress in Egypt.
