The Egyptian Social Housing Fund and the Commercial International Bank (CIB) signed a new protocol to offer mortgage financing services to low and middle-income citizens.
According to Amwal Al-Ghad, the CEO of the Social Housing and Mortgage Support Fund, Maye Abdel Hamid, announced that the affordable housing finance’s value is up to EGP 3bn, raising the total value of CIB’s mortgage financing to EGP 7 billion, she added.
The CEO of Retail Banking at CIB, Rashwan Hammadi, stated that the newly reached protocol will broaden subsidized mortgage financing programs with interest rates of 3, 7, and 8%.
Hammadi also mentioned that the bank’s success in real estate financing is evident, as its portfolio has grown to EGP 4.3 billion, benefiting over 26,000 clients.
