EMRC is a specialized financial institution that provides funds refinancing to primary mortgage lenders, it will raise funds initially through long-term loans from institutional investors and equity contributions from the founding investors its shareholders, and from bond markets by becoming a well rated and regular issuer in the capital markets. The Egyptian Mortgage Refinance Company was incorporated under Law 148 for the year 2001. EMRC authorized capital amounts to EGP 640,000,000 whereas the issued and paid up capital amounts to EGP 369,542,000 divided over 369,542 shares (306,466 common shares and 63,076 preferred shares). EMRC was established in June 2006 to assume the role of a market maker and lay the foundation of an active secondary market with a primary mandate to operate as a second-tier, wholesale, market-based liquidity facility focused on refinancing mortgage loans originated by Primary Mortgage Lenders (PMLs). The Company began actual operations in August 2008.