Egypt signs protocol with CIB to finance low-income housing

The Egyptian Social Housing Fund and the Commercial International Bank (CIB) signed a new protocol to enhance co-operation in offering real estate financing to low- and middle-income citizens, the Egyptian Cabinet announced on Wednesday.

The CEO of the Social Housing and Mortgage Support Fund, Maye Abdel Hamid, announced that the new agreement would offer extra real estate financing worth 3 billion Egyptian pounds to low- and middle-income citizens. This raises the total real estate financing from the CIB to citizens to 7 billion Egyptian pounds, she added.

The CEO of Retail Banking at CIB, Rashwan Hammadi, stated that the new agreement with the Social Housing Fund is a part of ongoing efforts to broaden subsidised real estate financing for low- and middle-income clients with interest rates of 3 per cent, 7 per cent, and 8 per cent, aiding them in acquiring affordable housing.

Hammadi also mentioned that the bank’s success in real estate financing is evident, as their portfolio has grown to 4.3 billion pounds, benefiting over 26,000 clients.