Egyptian central bank allocates EGP10bn for low-cost housing

February 20, 2014 12:27 am

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%.