El Batal Group, CIB ink cooperation deal to provide mortgage finance for 850 units

El Batal Group aims at providing suitable financing opportunities to customers through benefiting for the mortgage finance initiatives launched by the Central Bank of Egypt for the medium-income class: official

  
Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021. Image used for illustrative purpose

Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021. Image used for illustrative purpose

REUTERS/Mohamed Abd El Ghany
 

Egypt-  El Batal Group for Housing and Development has signed a cooperation protocol with the Commercial International Bank Egypt (CIB) (COMI) to provide mortgage finance services to around 850 residential units in New Cairo and the 6th of October city, the group’s CEO Emad Doss told Al Borsa Newspaper.

The group has 800 units at its projects that are pending to the terms and conditions of the mortgage finance initiative at an interest rate of 8% and has around 50 units that are subject to the initiative’s terms at an interest rate of 3%, Doss said.

The price of the unit amounts to EGP 1.4 million, the CEO pointed out.

The cooperation protocol has been signed between the group and CIB to finance purchasing the units, he added, noting that the group is in talks with Qatar National Bank Al Ahli (QNB Al Ahli) (QNBA) as part of the initiative.

The group has 150 ready-for-delivery units at its project in New Cairo, as well as 300 ready-for-delivery units in the 6th of October city, in addition to, 400 units to be completed by the end of 2021, he said.

Financial proceeds of the protocols signed with the banks will be used in financing the construction of the group’s ongoing projects, along with the development of a new project in the New Administrative Capital, Doss pointed out.

El Batal Group aims at providing suitable financing opportunities to customers through benefiting for the mortgage finance initiatives launched by the Central Bank of Egypt (CBE) for the medium-income class, Doss remarked.

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