The Commercial International Bank (CIB) and the Social Housing and Mortgage Finance Fund (MFF) signed a protocol to enhance their cooperation in providing mortgage finance for low- and middle-income citizens. The protocol aims to offer financing for housing units under the presidential initiative “Housing for All Egyptians.”
The protocol was signed by Mai Abdel Hamid, CEO of MFF, and Rashwan Hammadi, CEO of Retail Banking and Financial Inclusion at CIB, in the presence of Hussein Abaza, Managing Director of CIB, Ahmed Al-Shafi’i, Head of the Bank’s Mortgage Finance Sector, and Abdalla Roshdy, Executive Vice President of MFF.
Abdel Hamid said that CIB is one of the Fund’s main partners in the field of mortgage finance, especially for low- and middle-income citizens who apply for housing units through the Fund’s advertisements. She added that the new protocol will provide an additional EGP 3bn for mortgage financing, bringing the total amount allocated by CIB to EGP 7bn.
Hammadi said that the protocol is a continuation of the joint efforts to expand the subsidized mortgage financing operations for low- and middle-income clients with interest rates of 3%, 7%, and 8%, which will enable them to own suitable housing on favorable terms.
He praised the role of the Fund in meeting the needs of young people who aspire to obtain housing units in different governorates, and expressed CIB’s commitment to support the real estate financing initiatives in accordance with the Central Bank of Egypt’s directives. He also said that the bank has achieved success in the mortgage finance sector, as its real estate financing portfolio reached EGP 4.3bn, benefiting more than 26,000 customers.
The two parties expressed their mutual desire to continue their close cooperation and stressed that the protocol is only the start of further cooperation in the future.
