SODIC, CIB ink mortgage finance protocol

Daily News Egypt
2 Min Read

The Sixth of October Development and Investment Company (SODIC) announced, on Tuesday, the signing of a collaboration protocol with the Commercial International Bank (CIB) – Egypt, to provide mortgage finance solutions to SODIC customers. 

The protocol entails providing diverse payment plans for delivered units in accordance with Egypt’s mortgage finance laws and regulations.  

SODIC customers will have the opportunity to buy ready for delivery units offered for sale in the company’s different projects on a payment plan up to 20 years.

Existing customers can also benefit from this protocol when listing their homes for sale, capitalizing on SODIC’s resale platform that will avail the same extended payment plan for their buyers. The signing ceremony was attended by Magued Sherif, SODIC’s Managing Director; Amr El-Ganainy, CEO Institutional Banking at CIB; Ahmed Issa, CEO of Retail Banking at CIB, and senior members of both entities.

Commenting on the agreement, Magued  Sherif said, “We are excited to collaborate with our long standing partner CIB with its strong and proven track record in the banking sector. This protocol comes in line with our customer-focused approach to offer new financial solutions that facilitate the home-buying decision for our existing and potential customers.”

Amr El-Ganainy commented, “It is always a pleasure to join forces with SODIC, one of our most reputable clients. This mortgage protocol marks another successful milestone in CIB and SODIC’s strong relationship. This protocol would offer a payment scheme of up to 20 years as an alternative financing solution for unit buyers which comes in line with the bank’s strategy to support the real estate market in specific and the CBE directives in this sector at large.”

Ahmed Issa explained that this collaboration aims to enhance the product and meet the needs of customers by providing numerous benefits.

“Through the combined efforts of both institutions, the best offers were designed to address those needs with regards to loan amount, installment period, and pricing,” he stated.  

Share This Article