City Edge Developments has signed a cooperation protocol with Crédit Agricole Bank as part of the mortgage finance initiative launched by the Central Bank of Egypt (CBE).
The protocol aims to finance medium-income real estate units through long-term loans at low interest, to ease the burdens of owning a house on citizens and to expand the circle of obtaining adequate housing.
Crédit Agricole will provide payment facilities to City Edge customers through three mortgage plans. The first includes providing mortgage finance with a repayment period extended over 20 years and a minimum down payment of 20% within the framework of the CBE initiative.
The second plan is to provide various payment periods for units that are not included in the initiative, up to 20 years according to the real estate finance law.
Meanwhile, the third plan offers payment periods of 20 years to previously contracted clients who wish to sell units to others, according to the resale system.
Mohamed El-Mikawi, Chief Executive Officer of City Edge Developments, said, “By signing this protocol, we seek to provide an opportunity for the largest number of customers to benefit from the CBE’s mortgage initiative.”
“The real estate sector is of great importance due to its association with around 100 industries, directly and indirectly,” he added, “Given the role the sector plays in the growth of the national economy, the sector’s progression has a commensurate positive effect on all other sectors, and contributes to their growth.”
Walie Lotfy, Deputy Managing Director of Crédit Agricole Bank, said,” The protocol reflects the bank’s eagerness to activate the CBE initiative to provide real estate financing on suitable terms to benefit a larger number of customers, in line with the bank’s strategy.”
“The bank’s portfolio has recorded a significant increase in real estate loans since the beginning of the year,” he also said.
Lotfy added that the bank’s mortgage finance products are available through its branches as well as the Egyptian Real Estate Finance Company, which he owns, and which is considered one of the key players in the field of real estate finance in Egypt.