One billion real estate finance to Egyptians this year
Egypt, Economics, 5/15/2007
Egypt's Minister of Investment Mahmoud Mohi Eddin said the real estate finance achieved a remarkable increase during the last two years.
Mohie Eddin estimated the real estate finance provided by the companies and banks operating in this field at more than L.E. one billion till March 2007.
Mohie Eddin was speaking before the opening session of the 1st Euromoney Egypt Housing Finance conference, organized by the Ministry of Investment and the Mortgage Finance Authority.
Mohie Eddin called for imposing a tax on cement and iron to promote real estate funding especially low cost housing, units referring to Morocco as an example.
The Minister said some 4,000 people are expected to obtain aid from the real estate support and guarantee fund by the end of 2007.
Some 304 people received the fund's aid in 2006, he pointed out.
He referred to the establishment of an Egyptian company for real estate refunding with shares by 24 different bodies including 20 banks and two real estate funding companies.
The company's paid up capital reaches L.E. 200 million, while the capital allowed is L.E. one billion, he added.
The Minister of Investment pointed out to the activation of the real estate fund and support of real estate funding activities.
He referred to the implementation of the one stop shop where citizens could submit an application to the fund to get aid.
He pointed out to coordination between housing companies of the Ministry of Investment and the bodies offering real estate funding including banks and companies through signing cooperation protocols.
Moreover,The International Finance Corporation signed a memorandum of understanding with the Egyptian company for real estate finance, whereby the IFC will extend consultations services to the Egyptian company at a value of $ 3.5 million.
The agreement was reached on the sidelines of the Euromoney Egypt Housing Finance conference.
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