The Social Housing and Mortgage Finance Fund (MFF) has partnered with QNB Alahli to offer EGP 2bn in real estate financing to low- and middle-income citizens. The protocol was signed by Mai Abdel Hamid, CEO of MFF, and Mohamed Badir, CEO of QNB Alahli.
According to Abdel Hamid, QNB Alahli is a leading partner of MFF in providing housing loans to low- and middle-income individuals under the presidential initiative “Housing for All Egyptians.” The protocol will increase the bank’s total mortgage financing to its clients to EGP 5bn.
Badir stated that the cooperation protocol showcases the joint efforts of MFF and QNB Alahli to support the mortgage financing sector for low- and middle-income clients with interest rates ranging from 7% to 8%. This will aid them in owning suitable housing with easy terms.
He also mentioned that QNB Alahli has been supporting mortgage financing initiatives since their launch, following directives from the Central Bank of Egypt (CBE). The bank achieved a 67% growth in the mortgage financing sector in 2022, reaching a portfolio of EGP 5.5bn that benefited over 24,000 customers. The bank offers various real estate loans, banking services, and products to support the mortgage financing sector. Lastly, he revealed that the bank has plans of enhancing its real estate financing services for individuals soon.