IBRD LOAN: US$37.1 million
TERMS: Grace period = 5 years; Maturity = 20 years
PROJECT DESCRIPTION: This project will help to lay a firm foundation in the banking sector for mortgage finance. The Government of Egypt is pursuing a major agenda for macroeconomic and structural reform and modernization of the financial sector, including restructuring public sector banks, increasing the share of the private sector in the banking sector, reforming the insurance sector, developing a new system of mortgage finance for a more sustainable housing finance market, and strengthening regulatory capacity and financial supervision apparatus.
