Egypt’s social housing, Banque Misr pact to boost real estate funding

The Social Housing and Mortgage Finance Fund and Banque Misr have recently forged a collaborative protocol aimed at bolstering real estate financing endeavours, as per a cabinet statement.

Under the terms of the protocol, financing provided by Banque Misr is capped at 90 per cent for low-income individuals and 85 per cent for those in the middle-income bracket, ensuring accessibility while maintaining financial prudence.

This strategic partnership underscores a shared commitment to fostering sustainable housing solutions for diverse socioeconomic segments.

Moreover, the protocol, structured to meet the evolving needs of the populace, earmarks a substantial sum of approximately 25 billion Egyptian pounds to empower citizens to realise their homeownership aspirations.

This collaborative effort signifies a convergence of shared values and aspirations toward socio-economic development.

At its core, the protocol embodies a commitment to equitable access to housing opportunities, acknowledging the diverse needs of individuals across income brackets.

According to Mai Abdel-Hamid, CEO of Social Housing and Mortgage Finance Fund, the protocol sets clear parameters for financing terms, including repayment schedules and down payment requirements, ensuring a fair and transparent process for all stakeholders involved. With a focus on sustainability and inclusivity, this partnership paves the way for transformative change in the realm of affordable housing, promising a brighter future for communities across Egypt.