The Egyptian Central Bank allocates 100 billion pounds for real estate financing, at a 3% interest

President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, directed the Governor of the Central Bank of Egypt, Tarek Amer, to formulate and launch a new real estate financing program for the benefit of groups of low and middle-income groups with long-term loans of the value of 100 billion pounds, up to 30 years, with a low and simple interest that does not exceed 3%.

This came during the meeting of President Abdel Fattah El-Sisi, today, Sunday, with the Governor of the Central Bank of Egypt, Tarek Amer, Gamal Negm, the bank’s deputy governor for banking stability, and Rami Abul Naga, deputy Governor of the bank for monetary stability, and Mai Abul-Naga, the first deputy governor of the bank.

The spokesperson for the Presidency of the Republic said that the meeting dealt with reviewing the activities of the Central Bank within the framework of the monetary and financial system of the state.

He added that the efforts of the central bank during the last period, especially during the Corona pandemic, were presented, stressing that the current situation of foreign monetary reserves is at a strong and safe level, which is what led To stabilize exchange rates and achieve liquidity in foreign exchange, which had a great impact on overcoming the repercussions of Corona during the past year.

According to the press release issued by the Presidency of the Republic, President Sisi praised the performance of the Central Bank, which was in harmony with all government institutions and in line with the general economic orientation of the state.

The statement indicated that the Central Bank Governor reviewed the results of the presidential initiative that was launched in 2015 for medium, small and micro-enterprises, with the total volume of financing for them about 234 billion EGP 1,260 million commercial and industrial establishments have benefited from it, and it has provided about one million job opportunities. President Al-Sisi directed to increase the volume of funds granted under the initiative by an additional 117 billion pounds during the current year and the next.

The statement indicated that during the meeting, the efforts of the Central Bank in developing and restructuring the Agricultural Bank were presented, as 320 thousand farmers were exempted by writing off their debts, which amounted to about 660 million pounds. In addition to the central bank pumping 4.5 billion pounds at low interest rates in favor of small agricultural projects

According to the statement, irrigation methods were developed and modernized, as well as contributing to the project of modern dairy collection centers, in addition to pumping about 2.5 billion pounds in favor of developing livestock projects that included hundreds of Thousands of animal heads, in addition to 3 billion pounds in favor of the national veal project. In this regard, the President directed the efforts to continue modernizing the Agricultural Bank given its vital importance in promoting the broad agricultural sector at the state level.

the spokesperson added that ...