The Social Housing and Mortgage Finance Fund and QNB Alahli Bank signed a cooperation protocol, valued at EGP 2 billion, to enhance collaboration regarding providing real estate financing to citizens.

Chairman of the Social Housing and Mortgage Finance Fund, Mai Abdel Hamid, stated that the protocol aims to provide new real estate financing for low- and middle-income citizens applying for housing units provided by the Fund. The new funding raises the total amount allocated for real estate financing from the bank for the Social Housing and Mortgage Finance fund’s clients to EGP 5 billion.

The protocol signing ceremony was witnessed by a number of officials from both parties, including the Chairperson of Social Housing and Mortgage Finance Fund, Mai Abdel Hamid; Vice Chairperson of Social Housing and Mortgage Finance Fund, Abdullah Rushdi; Head of Data Analytics & Business Planning at QNB, Nagham Kandil; and Head of Mortgage Finance Fund Sales at QNB, Marianne Fahmy.

The two parties expressed their mutual willingness to boost cooperation between them. Additionally, they stressed that the signing of the cooperation protocol is the beginning of further cooperation in the future to benefit low- and middle-income citizens who wish to obtain their housing units through the fund.

The cost of spending on new urban communities amounted to EGP 1.3 trillion in 9 years, including 25% of which was spent on existing cities valued at EGP 325 billion. The rest of the 75%, valued at EGP 975 billion, was distributed to the fourth-generation cities that were started in 2014, Minister of Housing, Utilities, and Urban Communities, Assem El-Gazzar, stated during his speech at the “Hekaya Waten” conference.