Worth 2 billion Egyptian pounds
The United Bank, The Social Housing Fund for Real Estate Financing Support sign the third protocol to finance housing for low and middle-income people
Cairo: July 15, 2020
The United Bank, The Social Housing Fund for Real Estate Financing Support signed today the third protocol for financing housing for low and middle-income people, in light of the initiative of The Central Bank of Egypt, and based on the national role of the United Bank to provide adequate housing and a decent and stable life for the Egyptian citizen.
The protocol was signed by Ashraf El Kady - Chairman of The United Bank - and Mai Abdel-Hamid - Head of The Social Housing Fund for Real Estate Financing Support, in the presence of The United Bank team and the Social Housing Fund for Real Estate Finance Support team.
This is the third and largest protocol for joint cooperation between the Social Housing Fund for Real Estate Financing Support and The United Bank under the umbrella of The Central Bank of Egypt initiatives to finance low-income "subsidized housing units up to 7%" and middle-income "subsidized housing units up to 8%".
The United Bank was able to achieve great growth rates and a strong start in the real estate financing activity, in particular, during the last period.
The signing of the third protocol comes as a continuation of the vision of the political leadership of the state and The Central Bank of Egypt and placing the Egyptian citizen at its top priority, in implementation of the 2030 vision of comprehensive and sustainable development.
Commenting on the signing of the new third protocol, Ashraf El-Kady - Chairman of The United Bank - says that The Social Housing Fund and The Central Bank of Egypt support the real estate market to face financing challenges, considering that the economic situation is changing for the better and has become more stable and optimistic under the awareness of the political leadership to meet the needs of citizens in all sectors to provide Security and decent housing befitting the Egyptian citizen.
His Excellency added that the new cooperation protocol with the Social Housing Fund comes as a continuation of the developmental and vital role of The United Bank to support the state's strategy in increasing employment rates, eliminating unemployment and urban expansion, as well as eliminating slums and building a civilized model for Egyptian architecture.
Ashraf El-Kady stated that the real estate finance sector is one of the important engines of the Egyptian economic development locomotive, because it is directly and indirectly linked to more than 35 industries, as well as its contributions to expanding the base of financial inclusion and supporting the state and The Central Bank of Egypt plans towards transforming into a cashless society and integrating the third-party economy with the wheel of the formal economy, inclusive and sustainable development.
Ashraf El-Kady praised the successes achieved under the initiatives of The Central Bank of Egypt in the state sectors, including the real estate sector, and finding appropriate solutions to cope with all the conditions that the country and the world are going through at the present time.
The United Bank was able to be on top the list of all banks operating in the market that provide real estate financing services for low and middle-income housing during May 2020.
The United Bank is one of the first banks to activate The Central Bank's initiative for middle-income people, upon its issuance, and to apply all the terms of the initiative to its customers.