The Industrial Development Bank (IDB) inked a cooperation protocol with the Social Housing and Mortgage Finance Fund (SHMFF) to provide concessional financial solutions for low- and middle-income citizens under the mortgage initiatives issued by the Central Bank of Egypt (CBE), according to a statement.

Under the protocol, EGP 4 billion mortgage finances will be offered to beneficiaries.

May Abdelhamid, CEO of SHMFF, highlighted that the fund is continuously working to strengthen its cooperation with banks and mortgage finance companies, which will positively affect citizens seeking housing units.

The cooperation aims to provide diverse financing options with favorable terms, supporting the government’s efforts to enable citizens to own their first home and driving the sustainability of social housing programs, she added.

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