Egypt’s Mortgage Finance Fund, Crédit Agricole agree to support low-, middle-income citizens
Egypt’s Social Housing and Mortgage Finance Fund and Crédit Agricole Egypt have signed a cooperation agreement to support low- and middle-income citizens.
The agreement comes as part of the initiative set up by the Central Bank of Egypt (CBE) to provide mortgage finance.
The agreement was signed by Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, and Walie Lotfy, Deputy Managing Director of Crédit Agricole Egypt. It took place in the presence of senior representatives from both sides.
The agreement falls within Crédit Agricole Egypt’s strategy to serve the market, and increase customer satisfaction. This will take place through its various innovative banking products, and by capitalising on the CBE’s initiative to provide mortgage finance to low- and middle-income.
During the signing of the cooperation protocol, Abdel Hamid said, “The CBE’s initiative is successfully prompting more banks to promote social housing projects.”
She added, “The initiative started with four banks serving 800 clients per month and now 22 banks are offering mortgage products for 8,000-10,000 low- and middle-income clients per month.”
Abdel Hamid also said that Crédit Agricole Egypt demonstrates great professionalism in dealing with all files entrusted to the bank, and the fund is looking forward for further cooperation with the bank in the coming period.
For his part, Lotfy said, “This agreement comes in response to the CBE initiative to provide mortgage finance, which enables more citizens to buy suitable housing units with a repayment period up to 20 years at a low interest rate.”
This also falls in line with the presidential initiative to offer adequate housing for all Egyptians, he noted.
Accordingly, Crédit Agricole Egypt has been availing the home loan through its network and through its dedicated subsidiary, the Egyptian Housing Finance Company (EHFC), one of the oldest companies in the field of mortgage financing in Egypt.
