Egypt's financial regulator has proposed changes to the mortgage law to allow remortgaging and higher borrowing levels for people on low incomes, in a drive to boost home ownership in the country of 83 million.
However, Ashraf el-Sharkawy, chairman of the Egyptian Financial Services Authority (EFSA), announcing the proposals on Wednesday, said that no changes could go ahead until they were approved by a yet-to-be-elected parliament to replace the one dissolved this year. No election date has been set.
Conservative lending rules and red tape have long been blamed for holding back development of the mortgage sector in Egypt. As well as helping more people to buy their own home, particularly poorer Egyptians, economists say a more active mortgage industry would boost the economy.
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