Egypt - The Social Housing and Mortgage Finance Fund (MFF) and QNB Alahli have signed a cooperation protocol to provide EGP 2bn in real estate financing for low- and middle-income citizens. The protocol was signed by Mai Abdel Hamid, CEO of MFF, and Mohamed Badir, CEO of QNB Alahli.
According to Abdel Hamid, QNB Alahli is one of the main partners of the MFF in offering housing loans to low- and middle-income applicants under the presidential initiative “Housing for All Egyptians”. The protocol will increase the total amount of mortgage financing from the bank to its clients to EGP 5bn.
Badir said that the cooperation protocol reflects the joint efforts of the MFF and QNB Alahli to support the mortgage financing sector for low- and middle-income clients with interest rates of 7% and 8%. He added that this will help them own suitable housing with easy terms.
He also said that QNB Alahli has been supporting the mortgage financing initiatives since their launch, following the directives of the Central Bank of Egypt (CBE). He noted that the bank achieved a 67% growth in the mortgage financing sector in 2022, reaching a portfolio of EGP 5.5bn that benefited over 24,000 customers. He said that the bank offers various real estate loans and banking services and products to support the mortgage financing sector. He concluded by saying that the bank plans to enhance its real estate financing services for individuals shortly.
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