City Edge Developments has inked a cooperation protocol with Crédit Agricole Bank as part of the Central Bank of Egypt’s mortgage finance programme (CBE).
The protocol seeks to fund medium-income real estate units through long-term low-interest loans, easing the responsibilities of homeownership on residents and expanding the circle of access to sufficient housing.
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Customers of City Edge will be able to make payments through three different mortgage plans offered by Crédit Agricole. Within the context of the CBE project, the first option is to provide mortgage financing with a payback duration of 20 years and a minimum down payment of 20%. The second plan is to provide different payment terms for apartments that are not part of the programme, up to 20 years according to real estate finance legislation. Meanwhile, the third option provides payment terms of 20 years to already committed clients who want to sell apartments to others through the resale system.
“By signing this protocol, we want to give an opportunity for the greatest number of consumers to benefit from the CBE’s mortgage initiative,” said Mohamed El-Mikawi, Chief Executive Officer of City Edge Developments.
The real estate sector is extremely important owing to its direct and indirect connections with over 100 businesses. Given the sector’s importance to the expansion of the national economy, its advancement has a correspondingly favourable influence on all other sectors and contributes to their growth.
“The protocol demonstrates the bank’s willingness to activate the CBE initiative to provide real estate financing on acceptable conditions to benefit a wider number of clients, in accordance with the bank’s strategy,” said Walie Lotfy, Deputy Managing Director of Crédit Agricole Bank.
“Since the beginning of the year, the bank’s portfolio has seen a considerable growth in real estate loans,” he added. Lotfy further stated that the bank’s mortgage finance products are available through its branches as well as the Egyptian Real Estate Finance Company, which he controls and is regarded as one of Egypt’s main players in the sector of real estate finance.
It is worth noting that City Edge Developments (CED) and Sky Investments inked a memorandum of understanding (MoU) last month for the latter to engage in the marketing, leasing, and property management of brands in CED’s Sheikh Zayed City project.
Furthermore, the two businesses will work together on the financing, construction, marketing, selling, or leasing of CED’s future projects, as well as any new residential, commercial, administrative, hotel, or recreational activities and operations.
In other developments, City Edge Developments had signed a cooperation agreement with Suez Canal Bank to expand the area of mortgage finance in Egypt in accordance with the central bank’s plan.
Suez Canal Bank is an Egyptian bank that offers corporate, retail, and investment banking products and services. Its banking products include direct and indirect financing, loans, social funds, deposits, savings, credit cards, letter of guarantee issuance, and other Islamic banking services, as well as technical, economic, financial, administrative, and advisory services. The entire value of the bank’s property rights increased to 3.6 billion pounds at the end of the third quarter of this year.
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