Banque Misr has signed a cooperation protocol with the Real Estate Development Chamber at the Federation of Egyptian Industries (FEI) to stimulate real estate financing.
Banque Misr Chairperson Mohamed El Etreby signed the protocol with the chamber’s chairperson Tarek Shoukry. The protocol was signed in the presence of Osama Ragab, Executive Director of the chamber, and Hind Fahmy, head of the Retail Banking Sector at Banque Misr.
Banque Misr signed the protocol as part of its vision to stimulate the real estate market and provide adequate housing for all segments of society. The protocol also comes in line with the state’s desire to provide mechanisms that contribute to the development of the real estate market.
This will occur through implementing the Central Bank of Egypt (CBE) initiative to finance real estate for middle-income individuals. The initiative has a declining interest rate of only 8%, in addition to real estate financing products from Banque Misr.
The protocol aims to put in place mechanisms and frameworks for joint cooperation between the two parties to facilitate real estate financing procedures for all those dealing with developers in the sector. It looks to create flexible work methods compatible with the nature and requirements of Egypt’s real estate market and the bank’s credit policy.
The bank will also grant real estate financing to the chamber’s members who do not fall under CBE’s initiative.