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Palestine Mortgage & Housing Corporation PMHC signed a custodian agreement with Cairo Amman Bank CABK

2013-09-25

Palestine Mortgage & Housing Corporation PMHC; represented by its CEO Mr. Issa Qassis along with Cairo Amman Bank; represented by its Deputy Director General and Regional Director Mr. Joseph Nasnas signed an agreement to provide custody to the bonds that will be issued by the company. Mr. Issa Qassis noted that one of the strategic objectives of the company is to provide new financial instruments to the investors in Palestine Stock Exchange PEX , whereby, PMHC will be issuing Mortgage-backed bonds as a first of its kind issuance in Palestine with a total portfolio size of $80 million that will be issued in the coming three years. Qasiss was optimistic that these instruments will be supportive for the Palestinian economy. Where companies began pursuing these instruments, while, investors and especially banks began exploiting them given their contribution to raise the designated placement by the legislative body.  It is good to note that the bonds proceeds will be directed only to serve the banking sector which in turn will support the housing sector. Joseph Nasnas explained: "it is our great pleasure that we are acting as custodian under this agreement that is signed with Palestine Mortgage and housing corporation  in which will contribute to support the housing sector in Palestine, especially that our company has the needed experience and administrative measures to fulfill this role efficiently and effectively.  Signing this agreement supported the other recent agreement with PMHC, which in turn, a $5 million loan was provided to serve the company"s financing activities, which will provide a greater opportunity to refinance the largest banks operating in the area of financing the housing sector.