Banque Misr renews $52.7mln protocol with gov’t social housing fund

PHOTO

Banque Misr has renewed a cooperation protocol with the Social Housing and Mortgage Finance Fund (SHMFF) with a funding target of up to EGP 25 billion.

The renewal of the protocol is a culmination of the fruitful cooperation between Banque Misr and SHMFF since 2014, said Mohamed El-Etreby, Chairman of Banque Misr, according to a press release.

That partnership helped the fund serve 135,000 people, most of whom are not clients of the bank, with over EGP 18 billion in finance, El-Etreby added.

For her part, Mai Abdel-Hameed, Chairman of the SHMFF, praised Banque Misr’s major role in providing decent housing for all Egyptians.

She announced that the fund is planning to increase the number of housing units offered to all classes of Egyptians in the coming period.

In February 2024, Banque Misr penned a letter of intent to provide $30 million in financing to private sector projects and small and medium enterprises (SMEs) in Egypt.