The protocol was signed by Mai Abdelhamid, Chief Executive Officer of the SHMFF, and Tamer Seif El-Din, CEO and Managing Director of Next Bank.
Following the signing, Mai Abdelhamid stressed that Next
Commercial Bank is an important partner for the fund in providing real estate
finance for low- and middle-income citizens, helping them secure residential
units in the various announcements launched by the fund under the presidential
initiative Housing for All Egyptians.
She explained that 2.1 million clients have applied for
housing units under the fund’s announcements, which prompted the fund to develop
its technical system to facilitate mortgage finance procedures for citizens.
This new system will be announced in the coming period.
Abdelhamid noted that the new cooperation protocol renews
the agreement signed between the fund and the bank on August 1, 2023. It aims
to provide real estate finance of up to 2 billion Egyptian pounds for low- and
middle-income citizens, representing a significant increase compared to the
previous protocol, which targeted 800 million pounds in financing.
Tamer Seif El-Din, CEO and Managing Director of Next Bank, stated that this protocol makes 2 billion pounds in financing available for low- and middle-income groups. This step is in response to the presidential initiative and the Central Bank's initiative to encourage banks to expand real estate finance, focusing on low- and middle-income citizens. He affirmed the bank's commitment to its social responsibility alongside its economic role and strategy to enhance financial inclusion by providing long-term financing at low-interest rates, ensuring appropriate support for these groups.