[Egypt] Banque Du Caire invests in low income residential units

Cairo based Banque Du Caire has purchased 7,317 residential units for low and middle-income segments as part of an initiative by the Central Bank of Egypt (CBE) launched between February 2014 and September 2016, according to Mounir El-Zahid, chairperson of the bank.

El-Zahid explained that there are nearly 4,326 loans already being implemented worth $320 million, in addition to 1,530 loans in the phase of clients receiving of the support cheque.

“The bank is keen on implementing the government’s policies, particularly achieving social justice and reducing the material burdens on citizens through meeting their basic needs, and most importantly, providing them with proper housing,” El-Zahid said.

He stressed that the initiative plays an important role in the achievement of financial inclusion and expanding the base of citizens dealing with banks. Moreover, it plays a national role in supporting the Egyptian economy.

“Real estate financing is on the bank’s list of priorities for its influential role in supporting the economy and production. Advancing with the sector reflects positively on the gross domestic product (GDP) through operating vital industries, particularly contracting, construction, and many other complimentary activities,” El-Zahid added.

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