The National Bank of Egypt has provided a total of 700 million pounds worth of real estate funds for limited and middle-income brackets to buy 8,600 residential units, said Hazem Hegazy, CEO of retail banking at the NBE.

The NBE has launched real estate funding as a product to help the limited and middle-income brackets buy residential units in new urban communities across Egypt, Hegazy added.

The funds are offered at low interest rates and over long payment periods that can extend to 20 years, he noted.

The funds are offered in line with an initiative launched by the Central Bank of Egypt (CBE) to activate real estate funding for limited and middle-income brackets, Hegazy said.