Banque du Caire inaugurated its new central department specialized in the field of mortgage finance. The department includes all the bodies concerned with the mortgage finance process, all under the same roof.
The inauguration took place in the presence of Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, and Tarek Fayed, Chairperson and CEO of Banque du Caire, in addition to many officials from both sides.
This move comes within the framework of the bank’s continuous efforts to provide high-quality services to the bank’s customers in fastest way.
Mai Abdel Hamid expressed her happiness with this new unit – a strong addition to the real estate financing system that benefits customers and ensures they receive top-notch services.
She added that Banque du Caire is an active contributor to the real estate financing process in Egypt. It was one of the first supporters of the real estate financing project for low and middle-income people since its inception, and is considered one of the leading banks in providing real estate financing to citizens wishing to benefit from the fund’s projects. The Social Housing and Mortgage finance Support Fund succeeded growing cooperation from only four banks at the start, to 31 banks and mortgage finance companies currently.
Abdel Hamid indicated that the Social Housing and Mortgage finance Support Fund seeks to increase cooperation with the banking sector during the coming period with regard to real estate financing activity, especially with the high demand of low- and middle-income citizens on the opportunities offered by the fund.
Tarek Fayed said that opening the new mortgage finance department aims to increase the volume of the mortgage finance portfolio and acquire a larger market share. He noted that the volume of the portfolio amounted to EGP 4.1bn within the initiative, as the number of beneficiaries reached about 40,000 clients.
He added that the bank’s new mortgage finance department aims to facilitate the procedures of granting loans to customers within the framework of the mortgage finance initiative, and reach all segments of society.
Fayed also indicated that the bank is about to launch new real estate financing programs outside the initiative in the near future. The programs are expected to contribute to increasing the chances of providing suitable housing for many segments of society.
The real estate financing initiative contributes to increasing the demand on housing units, which is reflected in the growth of the contracting and construction sector. It will attract a large base of customers benefiting from the initiatives offered by the Central Bank.