City Edge, CIB Egypt Bank sign EGP 1 billion mortgage protocol

Egyptian property developer, City Edge Developments has signed a cooperation protocol with the Commercial International Bank (CIB Egypt) for 1 billion Egyptian pounds ($63.4 million), the company said in a statement on Monday.

The protocol is part of the Central Bank of Egypt’s mortgage finance initiative for middle-income citizens, meant to support the real estate sector to expand projects that will have an economic impact in employment, GDP, and the economy.

City Edge added that it hopes to expand into offering mortgage financing programmes to serve the state’s sustainable development strategy – Egypt’s Vision 2030, which aims to facilitate the supply of affordable homes.

The protocol was signed by Mohamed El-Mikawi, chief executive officer of City Edge, and Amr​ El Ganainy, chief executive officer for Institutional Banking at CIB.

“The protocol aims to enable more clients to benefit from the CBE’s mortgage finance initiative.” Ashraf Salman, City Edge chairman, said.