The Bank of Egypt signed a cooperation protocol with the Urban Development Fund on Tuesday, 6/11/2024, where Mr. Mohamed Al-Etreby – Chairman of the Board of Directors of the Bank of Egypt signed the protocol with Mr. Engineer / Khaled Siddiq – Chairman of the Board of Directors of the Urban Development Fund, in the presence of Lviv. Distinguished by the leaders of the Bank and the Fund, the protocol aims to grant real estate financing loans for projects to develop the capitals of the governorates affiliated with the Fund. This comes within the framework of the Bank of Egypt’s keenness to contribute to achieving the state’s goals of achieving sustainable development, establishing the concept of financial inclusion, and expanding the customer base dealing with banks from By reaching the largest segment of customers wishing to obtain real estate financing for residential units in accordance with the provisions of the Real Estate Finance Law, whether subject to the conditions of the Central Bank’s initiatives or outside the framework of the initiative.
Banque Misr’s signing of this protocol comes as a continuation of its pioneering role in the field of real estate financing, as Banque Misr offers a variety of real estate financing products, whether through initiatives or outside the framework of initiatives, to suit all segments of its customers and meet their desires to provide suitable housing. The bank also recently launched a new product. It is distinguished and is a “real estate leasing” product that conforms to the provisions of Islamic Sharia and is offered through the branches of Islamic transactions, “Kenana.” It also comes in support of the distinguished results achieved by Banque Misr in the field of real estate financing, as it ranked first among banks in the value of loans granted during the year 2023, in the value of loans. More than 4 billion EGP were granted during the year, and the bank also achieved the highest growth rates in the portfolio, amounting to 30% compared to 2022, and the total real estate financing portfolio reached approximately 18.5 billion Egyptian pounds for a number of clients exceeding 135 thousand clients from all categories of citizens. The real estate financing portfolio at Banque Misr is considered one of the largest real estate financing portfolios in the real estate financing market (banks and real estate financing companies).
Mr. Mohamed Al-Etreby, Chairman of the Board of Directors of Banque Misr, stated that the signing of the protocol came as a result of the fruitful cooperation efforts between Banque Misr and the Urban Development Fund and as a continuation of the constructive work process that began in cooperation with the Fund to finance housing units in Port Said Governorate, and the Bank’s participation in this comes.The protocol is in line with the state’s plan for urban development within Egypt’s Vision 2030, which aims to increase the urban area, with the aim of implementing the state’s strategic development plans with regard to urban development, as the bank believes in the necessity of concerted efforts in order to achieve its recovery in the Egyptian real estate market, especially since the real estate sector is one of The most important sectors affecting the Egyptian economy: This is because it is linked to a large group of intermediate industries and activities, which the bank is keen to finance to provide more job opportunities in various specializations in a way that practically serves development plans, as the values and business strategies of the Bank of Egypt always reflect its commitment to sustainable development and prosperity for Egypt.
For his part, Mr. Engineer / Khaled Siddiq – Chairman of the Board of Directors of the Urban Development Fund, stated that the Fund seeks to achieve comprehensive and sustainable urban development through its various projects spread throughout the cities of the Republic, which target spatial urban development in addition to social and economic development, as part of the comprehensive development that it targets. The state aims to raise the quality of life of the Egyptian citizen. The Fund provides integrated service housing projects for various economic groups and in distinctive locations within major cities, which provide job, housing and service opportunities and help create new development hotspots that work to permanently revive the real estate market. The new transformation in the Fund’s fields of work has made it possible to cooperate closely with various financing bodies and bodies, as cooperation with the Bank of Egypt came to open new financing opportunities for the Egyptian citizen, helping him obtain units that meet his various needs.
Banque Misr is keen to play its vital role in supporting all activities that contribute to creating a better life for the Egyptian citizen. The bank also seeks to provide banking and financial services in an easy and advanced manner, as the bank works to enhance the excellence of its services, maintain its long-term success, and enter into initiatives and protocols that It aims to provide services that suit customers’ needs, as customer satisfaction is the bank’s constant focus of attention, as they are partners in success at all levels, as Banque Misr always works as a catalyst for national and strategic development, due to its belief in sustainability and continuous development.
