Egypt Financial Services Project

Completed Project
Project Countries: Egypt
Thematic Issues: Economic Growth
Project Duration: 2004 to 2009
Approximate Funding: $5,200,000

The Egypt Financial Services Project (FSP) supported legal and procedural reforms that allowed banks and non-bank financial institutions in Egypt to effectively use the most important types of ‘secured lending’. The project facilitated the registration of urban real estate so as to increase the pool of properties that may be subject to mortgage financing. At present, less than ten percent of urban properties are registered. In the absence of registration, properties cannot be mortgaged and lenders have no guarantee of the priority or the efficacy of their liens.