#Egypt mortgage finance authority gives $590 m loans in 11 years

Egyptian Mortgage Finance Authority (MFA) reported on Monday that the amount of loans granted to investors rose by 28.7 per cent in September 2012 reaching some LE3.6 billion ($590 million) compared to the same month of last year.

The loans were obtained by around 32,000 investors. The lion’s share (70 per cent) went to the “low-income” segment, whose monthly salary is up to LE1,750 ($286.7) per month.

The third quarter (July-September) of the current year saw some LE127 million ($28 million), the report added.

Total credits of 13 mortgage financing companies have been recorded at LE2.3 billion ($377 million).

Mortgage finance is governed in Egypt by Law No. 140, issued in 2001, and is supervised by the state-run financial watchdog EFSA.

According to the law, mortgage finance means to finance purchasing, construction, restoration and the development of houses, administrative units and any buildings designated for practicing trade.


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