Summary of Proposed Investment
Project Number
25052
Company Name
EGYPTIAN MORTGAGE REFINANCE COMPANY SAE
Date SPI Disclosed
Mar 14, 2007
Country
Egypt, Arab Republic of
Industry
Financial Markets
Projected Board Date
Apr 17, 2007
Status
Completed
Sector
Secondary Mortgage Institutions
Department
Regional Industry - FIG Africa
Environmental Category
C - No Impact
Previous Events
Approved : May 10, 2007
Signed : May 24, 2007
Invested : Jun 11, 2007
Project Description
The project consists of an IFC investment in, and Technical Assistance (TA) Program to the Egyptian Mortgage Refinance Company (EMRC or the company), previously known as Egyptian Liquidity Facility (ELF) which has been established as part of the initiative of the Egyptian Government to develop a viable housing and housing finance sector in Egypt.
EMRC represents the second prong of reform which is aimed at enabling and encouraging commercial banks and other financial institutions to lend for housing. In this context the government has encouraged the formation of specialized finance companies and has established the Mortgage Finance Authority (MFA) to promote and oversee the housing finance sector. One of most important initiatives of MFA has been to push for the establishment of EMRC as a refinancing vehicle for commercial banks and other financial institutions engaged in mortgage lending. It is envisioned that as the primary mortgage market deepens, and primary mortgage lenders (PMLs) will be able and willing to offload their originations that they will do so to EMRC thus creating the possibility of efficient securitization into the capital markets.
EMRC represents the second prong of reform which is aimed at enabling and encouraging commercial banks and other financial institutions to lend for housing. In this context the government has encouraged the formation of specialized finance companies and has established the Mortgage Finance Authority (MFA) to promote and oversee the housing finance sector. One of most important initiatives of MFA has been to push for the establishment of EMRC as a refinancing vehicle for commercial banks and other financial institutions engaged in mortgage lending. It is envisioned that as the primary mortgage market deepens, and primary mortgage lenders (PMLs) will be able and willing to offload their originations that they will do so to EMRC thus creating the possibility of efficient securitization into the capital markets.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Ms. Iman T. Ismail, Managing Director
Egyptian Mortgage Refinance Company
3, Abu El Feda Street, Zamalek
Cairo, Egypt
Telephone : +20-2-7377401
Fax : +20-2-7377407
E-mail: iman.ismail@emrc-online.com
Website: www.emrc-online.com
Egyptian Mortgage Refinance Company
3, Abu El Feda Street, Zamalek
Cairo, Egypt
Telephone : +20-2-7377401
Fax : +20-2-7377407
E-mail: iman.ismail@emrc-online.com
Website: www.emrc-online.com
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster