The protocol was signed by Mai Abdel Hamid, CEO of the SHMFF, and Eslam Zekry, Group Chief Financial and Operations Officer and Executive Board Member at CIB.
Abdel Hamid explained that the new agreement aims to increase
the total real estate financing allocated for housing units for low and
middle-income citizens to EGP 12 billion. She stated that this increase
underscores the significant demand from citizens for the units offered by the
Fund and their interest in the specialized services provided by CIB.
She affirmed that CIB is one of the most prominent banks cooperating
with the Fund in mortgage financing. This protocol is an extension of a long
partnership, renewing the previous agreement signed in September 2020 and its
annex from January 2024, confirming the close cooperation in providing suitable
housing for low and middle-income citizens.
For his part, Eslam Zekry confirmed that signing the
protocol extends the bank's efforts to support mortgage finance programs
directed at low and middle-income citizens. He noted that CIB is working to facilitate
financing procedures to help citizens acquire suitable housing under flexible
terms.
Yasser Abdalla, CIB’s Deputy CEO for Retail and SME
Segments, praised the SHMFF's role in meeting the needs of youth seeking
housing units across governorates. He stressed CIB's commitment to supporting
mortgage finance initiatives since their launch, in line with the Central Bank
of Egypt's vision and principles of social and economic sustainability.
Ahmed El Shafie, Head of Mortgage Business and Direct Sales
Channels at CIB, added that the bank has achieved success in the sector, with a
current mortgage finance portfolio for low and middle-income citizens reaching EGP
6 billion, benefiting over 34,000 clients.
Both parties expressed their mutual desire to continue their close cooperation, noting that the signed protocol is just the beginning of further collaboration to benefit low and middle-income citizens seeking housing units offered by the Fund.