President Abdel-Fattah El-Sisi urged the Central Bank of Egypt (CBE) on Sunday to crystalize and launch a new mortgage program for low- and middle-income citizens so that they can get housing units with a low interest rate.
El-Sisi urged that the new mortgage program secure loans that are paid off over the course of up to 30 years and with a simplified and low interest rate that does not exceed 3 percent, Presidential Spokesman Bassam Rady said in a statement.
The meeting also reviewed the CBE’s recent efforts, especially in light of the pandemic.
Amer affirmed that the current situation of the foreign exchange reserves is considered firm and safe and caused the country to maintain stable exchange rates and achieve liquidation of foreign currency, the statement read.
Amer explained that this situation significantly helped the country overcome the economic implications of the coronavirus throughout the last year.
El-Sisi hailed the CBE’s performance, which has been in harmony with other governmental institutions and in line with the state’s general economic orientation.
The meeting reviewed the outcome of a presidential initiative launched in 2015 to finance medium, small, and micro enterprises.
According to the statement, the initiative has had a funding of around EGP 234 billion. It has benefited 1,260,000 commercial and industrial establishments and has secured 2 million job opportunities.
El-Sisi, during the meeting, urged the increase of funding for the initiative by another EGP 117 billion during the current and coming years.
Source: Al-Ahram Online
