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Egyptian central bank allocates EGP10bn for low-cost housing

: Thursday, February 20 - 2014 @ 00:27

Egypt’s central bank has announced the allocation of EGP10bn ($1.44bn) for low-cost housing projects, Reuters has reported. The central bank said its investment in low-cost housing should have a positive effect on the state’s economic growth and social development. 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%. Inflation is currently running over 11%.

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Thursday, February 20- 2014 @ 0:27 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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