Egyptian Social Housing Fund seeks EGP 50B loan for low-cost housing projects

Updated 3/18/2024 11:01:00 AM
Egyptian Social Housing Fund seeks EGP 50B loan for low-cost housing projects

Arab Finance: The Egyptian Social Housing and Mortgage Finance Fund (SHMFF) is seeking to borrow EGP 50 billion from a consortium of local banks in 2024 to finance low-cost residential projects, two sources in the know told Asharq Business.

The banking consortium comprises the National Bank of Egypt (NBE), Banque du Caire, the Housing and Development Bank (HDB), and Banque Misr, one source revealed.

The loan will be guaranteed by the Ministry of Finance and will be directed toward financing the establishment of the social housing units under a complementary offering and the green housing units, he added.

This is in addition to completing the construction of Housing for All Egyptians project.

The banking consortium is currently pricing the interest rate of the loan, with the first tranche expected to be paid within the second quarter (Q2) of the current year, another source said.

Related News