Egypt’s Social Housing Fund, CIB sign protocol to boost mortgage financing to EGP 12b

Egypt’s Social Housing and Mortgage Finance Fund (SHMFF) has signed a cooperation protocol with Commercial International Bank (CIB) to expand mortgage financing for low- and middle-income citizens, the Ministry of Housing said Thursday.

The agreement, signed by SHMFF CEO Mai Abdel Hamid and Islam Zekry, CIB’s Group Chief Financial Officer, aims to increase mortgage funding to 12 billion Egyptian pounds to support citizens purchasing units offered by the fund.

Abdel Hamid said the protocol reflects strong demand for housing units and the high-quality services provided by CIB. She noted the agreement builds on a long-standing partnership, renewing earlier protocols signed in September 2020 and January 2024, highlighting the close collaboration in providing adequate housing for low- and middle-income groups.

Zekry said the partnership facilitates mortgage procedures to help citizens secure housing under flexible terms.

Attribution: Amwal Al Ghad English