Egypt’s MFF, QNB AlAHLI sign deal to offer EGP 2bn mortgage finance

Egypt’s Social Housing and Mortgage Finance Fund (MFF) and QNB AlAHLI have signed a protocol to offer two billion Egyptian pounds in real estate financing for low- and middle-income citizens, Cabinet’s statement said on Monday.

The protocol reflects the joint efforts of the MFF and QNB AlAHLI to support the mortgage financing sector for low- and middle-income clients with interest rates of seven percent and eight percent.

However, the new funding will increase QNB Al Ahli’s mortgage finance allocations for SHMFF’s clients to five billion pounds, QNB Al Ahli’s CEO Mohamed Bedeir mentioned.