The Egyptian Mortgage Fund, a partner of Crédit Agricole to support low and middle income people
The Egyptian Social Housing and Mortgage Fund and Crédit Agricole Egypt have signed a cooperation agreement to support low and middle income citizens.
The agreement is part of the initiative set up by the Central Bank of Egypt (CBE) to provide mortgage financing.
The agreement was signed by Mai Abdel Hamid, CEO of the Social Housing and Mortgage Fund, and Walie Lotfy, Deputy CEO of Crédit Agricole Egypt. It took place in the presence of high representatives from both sides.
The agreement is part of Crédit Agricole Egypt’s strategy to serve the market and increase customer satisfaction. This will be done through its various innovative banking products and by capitalizing on the CBE’s initiative to provide mortgage financing to low and middle income.
When signing the cooperation protocol, Abdel Hamid said: “The CBE initiative has succeeded in getting more banks to promote social housing projects.”
She added, “The initiative started with four banks serving 800 clients per month and now 22 banks offer mortgage products for 8,000 to 10,000 low and middle income clients per month.”
Abdel Hamid also stated that Crédit Agricole Egypt demonstrates great professionalism in handling all cases entrusted to the bank, and the fund looks forward to continued cooperation with the bank in the coming period.
For his part, Lotfy said: “This agreement follows the CBE’s initiative to provide mortgage financing, which allows more citizens to buy suitable housing with a repayment period of up to 20 years. at a low interest rate. ”
It is also part of the presidential initiative to provide adequate housing for all Egyptians, he noted.
Thus, Crédit Agricole Egypt has taken advantage of mortgage finance through its network and its dedicated subsidiary, the Egyptian Housing Finance Company (EHFC), one of the oldest companies in the field of mortgage financing in Egypt.
“The mortgage loan is really seen as an investment for consumers to own property, which is a great long-term savings asset,” Lotfy said, “There are still huge opportunities in Egypt in this sector. , especially since the CBE has facilitated the procedures to obtain mortgages so as to obtain the best interest of the client, banks and real estate developers, as evidenced by the construction of 450,000 homes since the launch of the initiative .
Commenting on this collaboration, Crédit Agricole Egypt CEO Jean-Pierre Trinelle declared: “We are developing the mortgage financing product, benefiting from the expertise of the Crédit Agricole Group being the market leader in this field in France.”
“This agreement allows us to extend our services to different customer segments in full support of Crédit Agricole’s ambition to actively serve society and the local economy”, he added, “We are always concerned about ensure that Crédit Agricole Egypt is part of the Centrale. The initiatives of the Bank of Egypt strengthening the capacities of clients on the one hand and stimulating the dynamism and growth of the market on the other hand. “
Under the Middle Income Mortgage Financing Program, the maximum monthly household income has been set at EGP 14,000 and EGP 10,000 for individuals. For low-income citizens, the monthly income threshold is 4,500 EGP for individuals and 6,000 EGP for households. The value of mortgage financing reached EGP 33 billion with an average financing of EGP 100,000 per unit.