The United Bank handover residential units for low-income people

20/01/2021

According to the directives of The Egyptian President and The Central Bank ‘s instructions
The United Bank provides real estate financing services for low-income people in 28 governorates, in cooperation with the Social Housing Fund and real estate financing support

Ashraf E Kady: Chairman of The United Bank
•    The United Bank pays great attention to the mortgage finance initiative for low-income people to support the Egyptian state and the Central Bank of Egypt plans.
•    The state and The Central Bank are proceeding with development plans to improve the citizen's life and develop his wealth.
•    A series of cooperation between the Social Housing Support Fund, Real Estate Financing Support and The United Bank.
•    The real estate sector is the main engine for 35 industries.
•    Economic and social implications of real estate financing for low- and middle-income housing.
•    The United Bank's real estate financing programs give customers added value and digital advantages.

Cairo: March 16th, 2021
 
Ashraf El Kady - Chairman of The United Bank - announced that the United Bank provides real estate financing programs for low and middle income groups in 28 governorates of the republic, with a financing volume of 960 million pounds for 7,400 clients, within the framework of the directives of the President of the Republic yesterday and the initiatives of The Central Bank of Egypt to provide 100 billion pounds to finance housing units for low-income housing with a competitive return over long periods up to 30 years.

El-Kady notes that The United Bank places among its priorities the governorates of Upper Egypt and the cities of new urban communities, aiming to increase the rates of development and employment. It also grants real estate financing programs in a number of Lower and Delta governorates.

He added that the distinguished real estate financing programs of the United Bank come in 8 of the governorates of Upper Egypt: Fayoum - Beni Suef - Meniya - Assiout - Sohag - Qena - Luxor - Aswan. It also provides real estate financing services to low- and middle-income groups in 4 governorates in the Canal region: Port Said - Suez - Ismailia and the Red Sea. In addition to 9 cities in the new urban communities: 6th of  October - Tenth of Ramadan – El Obour - El Sherouk - Badr - Borg El Arab - Nubariya - New Damietta and New El Alamein City. In addition, there are 7 governorates in the region of Lower and Delta: Menoufiya - Gharbiya - Behera - Kafr El Sheikh - Sharkiya - Dakahliya - Cairo.

The state is proceeding with development plans to improve the citizen's life and develop his wealth.

Ashraf El Kady praised the efforts of the Egyptian state towards organizing the real estate investment market and reviving its mechanisms aiming to achieve urban expansion, eliminate slums and build the civilized model of Egyptian architecture. This contributes in improving the life of the Egyptian citizen, especially the vulnerable groups of low and middle income groups. These are important and necessary steps for sustainable development and maximizing the citizen's wealth.
 
The real estate sector is the main engine for 35 industries.

El Kady explained that the impact of the development plans, especially the real estate financing sector, has many dimensions, the most important of which are the economic and social dimension.

The economic dimension is represented in expanding investments in the real estate field, which is one of the most important engines of the Egyptian development because it is directly and indirectly related to more than 35 industries, as well as its contributions in expanding the base of financial inclusion and supporting the state and central plans towards the transformation of a non-monetary society and the integration of the informal economy with the wheel of the formal economy and comprehensive and sustainable development.

As for the social dimension, it is represented in increasing employment rates, eliminating unemployment and urban expansion, as well as developing the citizen's wealth through suitable housing commensurate with his capabilities, in addition to contributing to the establishment and development of new societies according to civilized foundations and infrastructure that contribute to citizen's satisfaction.

The United Bank and a series of fruitful cooperation with the Social Housing Support Fund and the Real Estate Financing Support

Ashraf El Kady notes that The United Bank is one of the first banks to participate in the Central Bank's initiative for real estate financing for low and middle-income housing, which is in the interest of the citizen in implementation of the Egyptian state policy towards improving the standard of living of Egyptians.

He added that The Central Bank of Egypt’s many initiatives have contributed to the entry of new segments of customers, who are low-income groups, as these categories are most deserving of care, which helped increase the base of financial inclusion. The United Bank ranks eighth among the banks that provide service in the low-income categories.

The bank also launched a financing product for the conversion of homes and institutions to work with solar energy at the beginning of this year as an added value to encourage citizens to use clean energy as an alternative to the currently known energy, as well as a package of digital solutions and services that make it easy for them to conduct all their financial transactions from home without effort and in less time, such as: Internet banking service, bank wallet service, mobile banking service, as well as ATM service, these services operate with high efficiency 24 hours, 7 days a week.