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In December 2012 EMRC increased its issued and paid in capital from EGP 240
Million to EGP 363 Million.Existing shareholders, as well as new shareholders
contributed to this increase.
EMRC intends to use all its available resources to continue to fulfill its
mission namely to “Support primary lenders in providing longer-term,
market-based, cost-effective mortgage loans financing for residential housing
whilst maintaining a robust portfolio and positive returns to our shareholders”.
In Dec 2012, EMRC effected disbursements under Master Refinance agreements with
two different Primary Mortgage lenders as follows:
- EMRC and Egyptian Housing Finance Company (EHFC) agreed to increase their Master
Refinance agreement for a total amount of EGP 36.5 million instead of EGP 25
million.
- A New Master Refinance Agreement with Tamweel for EGP 4.95 million.
EMRC signed a new Master Refinance agreement with Taamir Mortgage Company for
EGP 4.2 million.
EMRC approved to extend a new mortgage refinance line to EHFC for an amount of
EGP 50 million In July 19, 2012 the company signed a Master Refinance Agreement
for the amount of EGP 25 million as a first tranche of the approved line to be
utilized within a drawdown period of 6 months.
EMRC and Housing and Development Bank signed a second Master Refinance Agreement on December 14th, 2011.
This agreement will provide refinancing for EGP 50 million against portfolios of low income housing under the National Housing project. Housing and Development Bank has committed to complete utilization within the contractual drawdown period of six months and will make the first withdrawal in early 2012.
EMRC approved to extend a mortgage refinance line to Housing and Development Bank for an amount of EGP 150 Million.
On October 19, 2010 EMRC and the bank signed a Master Refinance Agreement for the amount of EGP 50 Million as a first tranche. The extended refinance provides long term funds on a fixed interest rate that meets with the mortgage portfolio requirements under the National Housing Program financed by HDB. This step will help the bank to offer more mortgage loans to the low income segment that benefit from the National Housing Program.
On August 31, 2010 EMRC signed a Master Refinance agreement with National Bank of Egypt, the largest wholly owned government bank in Egypt, for the amount of EGP 200 million.
EMRC will start by refinancing NBE’s mortgage portfolio under the National Housing Program for low income and will provide 20 years tenor to mach the long term tenor of the disbursed loans under this project.
On August 26, 2010 Tamweel Mortgage Finance company obtained EMRC’s approval to extend their refinance line by an additional Egp 50 million to bring their total line to Egp 150 million.
A new Master refinance agreement was signed with Tamweel on August 31, 2010 for the additional EGP 50 million.
2013 ||
2009 - 2008
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