The United Bank and the Mortgage Finance Guarantee and Support Fund sign a joint cooperation protocol

29/05/2018

To support the youth of Egypt and achieve social justice
The United Bank and the Mortgage Finance Guarantee and Support Fund sign a joint cooperation protocol

Ashraf El Kady: Chairman of The United Bank
• Expansion of the Bank's mortgage finance portfolio.
• The United Bank is a partner in The Central Bank of Egypt's real estate finance initiative.
• Supporting the citizen to start a new life.
• Introducing new financing formulas in the Egyptian market.
• The electronic collection service of the mortgage finance inquiry fees.

Cairo: 29th May 2018

In response to the State's ongoing efforts to improve the standard of living of the Egyptian citizen socially and economically and to push the real estate market to work with a higher capacity, which contributes to the national economy, The United Bank and the Mortgage Guarantee and Support Fund signed a joint cooperation protocol.

The joint cooperation protocol was signed by Ashraf El Kady, Chairman of The United Bank, and the Fund for Guarantee and Support of Real Estate Financing Activity by Mr. Mai Abdel Hamid, Chairman of the Board of Directors of the Real Estate Finance Fund and Executive Director of the Social Housing Fund. In the presence of Abdallah Rushdi - Vice Chairman of the Board of Directors of the Real Estate Finance Fund. On behalf of the United Bank, Farag Abdul Hamid, Deputy Chairman of The United Bank - Neviene Kashmery - Deputy Managing Director of the Business Sector - Dr. Ahmed Al Ghandour - Assistant Managing Director - Rehab Azmy - General Manager of Retail Banking and Branches - Mohamed Samir - Head of Real Estate Finance Sector and a team of The United Bank's team and the Mortgage Guarantee and Support Fund.
Ashraf El Kady, Chairman of The United Bank, expressed his pleasure at signing this protocol for the second time. He praised the efforts of the Fund to ensure and support the activity of real estate finance in improving the level of citizens, housing and living, especially for the limited by providing adequate housing for them.

According to Mai Abdel-Hamid - Chairman of the Mortgage Fund Management and Executive Director of the Fund for Social Housing that the successful march of cooperation with The United Bank began in May 2016 financing of 300 housing units in the city of Suez in favor of low-income, have been funding through the United Bank branch Ain Sokhna, in addition to The number of residential projects in a number of the governorate at the level of the Republic reached more than 9 projects with a total of 1100 customers for the benefit of low-income.

The bank's mortgage finance portfolio
El Kady noted that the bank has made great strides in the field of mortgage finance programs in the Egyptian market. The real estate finance portfolio amounted to more than EGP 170 million, of which 136 million were the clients of the CBE's real estate finance initiative.

El Kady said that The United Bank aims to obtain a new slice of the mortgage finance fund to finance housing projects in the new cities. The bank is qualified for this distinguished banking service in terms of branches and distribution at the level of the Republic as well as a team of highly experienced.

This is in addition to the agreement with the real estate investment companies that have residential projects and apply the fund's determinants and the terms of the initiative. Where the bank initiated a residential project in the city of 10th of Ramadan as part of the plan to merge the private sector through the projects of the Fund.

The United Bank is a partner in the Central Bank of Egypt's real estate finance initiative
On the initiative of The Central Bank of Egypt for real estate finance, Ashraf El Kady pointed out that the initiative of The Central Bank of Egypt for real estate finance is a pioneering step aimed at revitalizing the real estate market in general and private and government construction companies in particular. Thus contributing to the creation of real jobs and opportunities in light of the current economic recession. As well as the social dimension, this aims to provide adequate housing for middle and low income segments.

The United Bank strives to create integrated urban communities through a healthy residential, social, educational and employment system. In other words, the construction of urban communities and the availability of housing - schools - gardens - job opportunities - and the hospital as well as transportation means to attract citizens to live outside the densely populated areas in Cairo and the provinces.

Supporting the Egyptian citizen to start a new life
Ashraf El Kady pointed out that the initiative aims to support the citizens of the limited and middle-income to start the new life. Real estate remains a safe and profitable investment in the long term. While the value of funding decreases and the value of the unit increases over time. As well as being the main driver of social justice among citizens.

Belonging to the homeland and feeling safe through a healthy home suitable for the citizen will create a motivation to work and strive to improve the social and economic level. As well as relieve pressure and find solutions to the informal areas that have surrounded all the provinces of the Republic and cause many problems.

Mohamed Samir, head of the mortgage sector at The United Bank, said that the mortgage programs are being offered by the bank under the slogan "Why do you rent ... while you can own" to fit with all segments of Egyptian society at home and abroad. As well as the self-employed and expatriate residents to finance all units in various governorates of the Republic and cities of new urban communities.

The program varies between long and medium term financing, allowing up to 80% of the value of the unit for a repayment period of up to 15 years on soft conditions and competitive returns to facilitate the customers and enable them to achieve their ambition to own suitable housing.

Real Estate Finance Program through the initiative of the Central Bank of Egypt
Mohamed Samir said that the initiative of The Central Bank of Egypt to support the mortgage finance activity has a significant impact on stimulating the real estate market in general. The initiative was designed to provide long-term financial financing to banking and non-banking institutions to start granting 20-year real estate financing with a decreasing yield ranging from 5% to 7% for low-income groups and 8% and 10.5% for middle-income groups. In order to facilitate the access of citizens of these categories to residential units commensurate with their financial potential with the lowest return and the longest repayment period in the Egyptian market, this is lower than in other countries.