According to the initiative of The Central Bank of Egypt 3%

06/12/2021

According to the initiative of The Central Bank of Egypt 3%
The United Bank announces that Menya is the first governorate of Upper Egypt for real estate financing services at the United Bank

Cairo: December 6th, 2021

The United Bank announced today that Minya governorate topped the governorates of Upper Egypt in the volume of real estate financing services, after the delivery last week of a large number of housing unit contracts, according to the initiative of The Central Bank of Egypt for housing for limited and middle-income 3% over 30 years. It is done in cooperation with the Social Housing Fund and the Real Estate Finance Support.

Ayman Mohamed - Head of Real Estate Finance - indicated that the United Bank is one of the first banks that participated in The Central Bank's initiative for real estate financing for low- and middle-income housing, which is in the interest of the citizen and implements the Egyptian state's policy towards improving the standard of living of Egyptians with a portfolio of 1350 million pounds for about 9900 clients.

He added that The United Bank places among its priorities the governorates of Upper Egypt. It serves all governorates of Upper Egypt, from Fayoum to Luxor and Aswan by direct financing of their housing units and also by spreading awareness and promoting the culture of real estate finance, as well as providing distinguished real estate financing services to new urban communities aiming to  increase the development and employment rates. It also granted real estate financing programs in a number of governorates of  Lower Egypt and Delta.

Ayman Mohamed explained that the initiative of The Central Bank of Egypt contributed to the entry of new segments of customers, who are low-income, and these categories are the most deserving of care. The United Bank occupies the seventh rank as the largest financier among the banks providing service in the categories of low income.

Ayman Mohammed expressed that the United Bank provides real estate financing service to low-income people in 28 governorates, in cooperation with the Social Housing Fund and Real Estate Finance Support within the framework of the President’s directives and the initiatives of The Central Bank of Egypt to finance housing units for low-income housing with a competitive return and for long periods of up to 30 years.

He added that the distinguished real estate financing programs of the United Bank come in 8 of Upper Egypt governorates which are Fayoum, Beni Suef, Menya, Assiout, Sohag, Qena, Luxor and Aswan. It also provides real estate financing services to low- and middle-income people in 4 governorates in the Canal Zone which are Port Said, Suez, Ismailia and the Red Sea as well as 9 cities in the new urban communities which are 6th of October, 10th of Ramadan, El Obour, El Shorouk, Badr, Bourg El Arab, El Nubareya, New Damietta and New Alamein City. There are also 7 governorates in Lower Egypt and Delta region, which are Menoufeya, Gharbeya, Beheira, Kafr El Sheikh, Sharkeya, Dakahleya and Cairo.

From his part, Ashraf Darwish - Vice President of Real Estate Finance - indicated that the United Bank has financed a large group of clients in Menya governorate who meet the conditions of the recent Central Bank of Egypt initiative. Several other requests are currently being studied.

Samia Abd El Gaber - Upper Egypt region manager - added that the United Bank is characterized by unique programs that suit the people’s categories and support the state's policy in providing adequate housing and support for real estate financing in cooperation with the Social Housing Fund.

Amal Emam - director of the Menya branch - added that the customers’ turnout to benefit from the initiative of the Central Bank of Egypt for the low, low and middle income groups is large.