Written by: Manal Al-Masry

Mohamed El-Kahky, Managing Director of Tamweel for Mortgage Finance, stated that the company plans to obtain loans ranging from EGP 700 to 800 million during the current year, in cooperation with approximately 5 to 7 banks.

He told Masrawy that his company deals with various banks, including the National Bank of Egypt, Banque Misr, Housing and Development Bank, Egyptian Arab Land Bank, National Bank of Kuwait, and the Arab African International Bank.

Despite the COVID-19 pandemic, the company succeeded in disbursing more than EGP 550 million in targeted financing last year, according to El-Kahky.

He expects the targeted financing to increase this year compared to last year.

El-Kahky pointed out that Tamweel has an ambitious plan to diversify its financing portfolio by entering several different financial activities, in addition to expanding mortgage financing activities in the regions and various governorates. This aims to leverage Egypt’s vast real estate wealth by promoting financing culture across all segments of society.

He explained that the mortgage finance market in Egypt is witnessing growing demand due to the rising prices of residential units, which pushes clients to seek long-term financing that suits their income levels.