The Housing Development Finance Corporation, as part of its international housing finance initiative, is all set to take a 10 per cent stake in Egypt's first private-sector-led mortgage company -- Egyptian Housing Finance Corporation.
EHFC will be formed with an authorised capital base of $16.2 million. Apart from HDFC, Egyptian American Bank will subscribe to a 40 per cent stake in the development finance company, while Bank of Alexandria will acquire a 10 per cent stake.
World Bank body, International Finance Corporation and German Development Bank each will hold 20 per cent stakes.
As part of its international housing finance initiative, HDFC had earlier entered into a technical service contract with Egyptian American Bank to provide technical assistance for setting up the mortgage company.
The technical assistance encompassed all aspects of lending such as credit, legal, technical, and recovery, accounting, management information systems, marketing, IT-systems