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FINANCIAL NEWS
Egypt to issue new mortgage financing law
17 Jun 2010
(MENAFN) Egypt?s Investment Minister Mahmoud Mohieldin said that Cairo will seek to pass a new mortgage financing law in its next parliamentary session to boost the growing property sector, Reuters reported
Strong local demand has helped shield Egypt’s real estate market from a global credit crunch, but analysts say it will need to grow its tiny mortgage market and develop a more efficient, transparent system to draw more international firms.
Copious red tape and conservative lending rules have hamstrung the nascent mortgage sector, executives and officials told a real estate conference in Cairo.
The new bill, to be submitted after parliamentary elections due later this year, aims to address some of these problems.
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