Head of Mortgage Finance Company praised Egypt’s Central bank initiative

Head of Mortgage Finance Company Hassan Hussein revealed that he drafted a new plan to restructure the work in his company since he took the responsibility of the company, saying that his plan managed to achieve its objectives and achieved profits estimated at 51million EGP this year.
He added, in an interview with “Arabs Today”, that he drafted an inclusive plan to develop the company’s human resources, saying that they appointed a number of leaders to support the manpower, saying that they prepared a number of training programs in cooperation with a number of organizations, including the American University in Cairo and Banking Institute related to Central Bank of Egypt.
He clarified that the training programs included the different fields of work in the company, including Such as mortgage finance mechanisms, analysis of financial statements, international accounting standards, and US tax compliance law. He stressed that these courses included all levels of the company from a third specialist to a general manager, benefiting about 60% of the company's manpower.
He praised the initiative submitted by Egypt’s Central Bank, saying that it performed a major role to support the mortgage finance through establishing an independent administration within the bank to work in this field, stressing the need for establishing independent companies related to the banks to allow fair competition between the companies.
He stressed that the housing units allocated for low-income citizens is the major responsibility of the government not the investors working in the sector, saying that the investors work just to achieve gains and profits. Regarding the increase in the interest rate announced by the Central Bank of Egypt, he said: This leads to an increase in return on deposits and consequently, there is an obligation on the return, deposits and various saving aspects.”
He added that the increase in the returns on deposits and the various forms of investments on funds encourages attracting a lot of money to banks. About the prices of residential units, the head of the Saudi-Egyptian Company said, “The rate of increase in the prices of housing units in the current economic conditions varies from developer to developer but moving between 15 and 20% increases influenced by all the elements involved in real estate investment, including the prices of raw materials, construction units, construction products complete.”