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Egypt central bank to allocate $1.44 bln for low-cost housing projects
February 18, 2014 / 7:47 PM / 4 years ago

Egypt central bank to allocate $1.44 bln for low-cost housing projects

CAIRO, Feb 18 (Reuters) - Egypt’s central bank said on Tuesday it would allocate 10 billion Egyptian pounds ($1.44 billion) for low-cost housing projects, the bank said in a statement.

The money will be deposited to banks for 20 years at a low interest rate to lend it to citizens who qualify to buy houses at a yearly interest rate of 7-8 percent. ($1 = 6.9611 Egyptian pounds) (Reporting by Ehab Farouk and Shadia Nasralla; Writing by Yasmine Saleh; Editing by Sonya Hepinstall)

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