Al-Bustani Hails Sisi's Directives to Launch New Real Estate Financing System

Eng. Mohamed Al-Bustani, deputy head of the Real Estate Investment Division and President of the New Cairo Developers Association praised the Central Bank of Egypt (CBE)'s decision 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.

In press statements on Sunday, Al-Bustani said that President Abdel-Fattah El-Sisi, during his meeting with the CBE governor Tarek Amer, urged that the new mortgage program will 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.

He indicated that the decision aims to benefit all Egyptian citizens and reflects the interest of President Sisi to the low- and middle-income citizens.

Al-Bustani stressed that the CBE’s interest in the real estate sector reflects its important and pivotal role in the comprehensive development process led by Sisi, adding that real estate developers have benefited from the central bank’s initiatives over the past years.

He pointed out that the decision will contribute to reviving the real estate sector and help it overcome the negative repercussions caused by the coronavirus crisis, as it will encourage the implementation of more projects to meet the needs of customers who will agree to purchase the housing units under the new real estate financing system.

Notably, President Sisi had met with Tarik Amer, and his two deputies to review 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.