EMRC provides LE 106 million loans to finance low-income earners' units.

Osama Saleh, MFA Chairman, asserted that Egypt is the sole country in the middle east that applies an integrated mortgage system. The Egyptian Mortgage Re-Finance Company (EMRC) has launched its business and has already signed two re-finance contracts; the first with the Arab Land Bank in the amount of LE. 70 million and the second with the first mortgage company in the amount of LE. 36 million. The mortgage market is anticipated to witness remarkable development and growth in the forthcoming period as EMRC will issue long term bonds to stimulate the Egyptian capital market.

Ms. Maie Abdel Hameed, EMRC Board Member, said that EMRC board agreed to offer re-finance loans in the amount of LE. 300 million as a first phase. EMRC board is currently studying borrowing requests submitted by companies and banks in the amount of LE. 150 million. Iman Ismail, EMRC executive manager, stated that the company is deemed one of the major tools for developing the Egyptian capital market. on the other hand, it plays a significant role in the banking sector, where it provides banks with a safe channel to lend their surplus balances to the other lending institutions. It is deemed a market maker, being the first liquidity provider. EMRC has 27 shareholders; CBE holds 20% and GSF 2%. The company paid up capital is LE. 240 million and the certified capital is one billion pounds.