The United Bank has signed a cooperation protocol with the Social Housing and Mortgage Finance Fund to provide a wider range of affordable mortgage solutions for low- and middle-income citizens.
The agreement aligns with national and Central Bank of Egypt (CBE) initiatives aimed at expanding home ownership, promoting financial inclusion, and supporting the objectives of the Sustainable Development Strategy: Egypt Vision 2030.
The protocol was signed by Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, and Tarek Fayed, CEO and Managing Director of The United Bank.
The signing ceremony was attended by Farag Abdel Hamid, Deputy Managing Director; Niven Kashmiry, Deputy Managing Director for Business Sectors; Rehab Azmy, Assistant Managing Director for Retail Banking; and Ayman Mohamed, Head of Mortgage Finance at The United Bank. Representing the Fund were Hala Ghazi, Deputy Executive Director, and Omnia El-Maadawy, General Manager of the General Support Department.
Expanding Affordable Mortgage Options
Under the new agreement, The United Bank and the Fund will offer a variety of mortgage finance programmes featuring flexible repayment plans and competitive interest rates, giving a broader segment of citizens access to adequate and affordable housing suited to their needs and financial capacities.
Mai Abdel Hamid stated that The United Bank has been one of the Fund’s key strategic partners since 2020. She noted that the new protocol aims to raise the total financing allocation to EGP 5bn, underscoring the strength of the partnership between the two institutions and its direct impact on low- and middle-income citizens seeking to acquire housing units within the Fund’s projects.
Inclusive Banking for Social Stability
Tarek Fayed affirmed that the agreement represents a significant step towards enabling a wider segment of society to achieve family and social stability through accessible mortgage programmes tailored to different income levels, thereby reinforcing the principles of social justice.
He added that The United Bank’s mortgage finance portfolio has now exceeded EGP 3.4bn, serving more than 17,500 clients nationwide. The bank gives special attention to youth, women, people with disabilities, and Egyptians working abroad, as part of its inclusive financing strategy.
Fayed also highlighted the bank’s commitment to supporting clients of the Social Housing and Mortgage Finance Fund through its 68-branch network across Egypt—particularly in Upper Egypt and the Delta—by facilitating application and payment procedures, deploying specialised teams to underserved regions, and offering digital payment solutions to make instalment payments more convenient.
Both parties reaffirmed their commitment to strengthening cooperation to enhance citizens’ access to affordable housing finance, supporting the state’s broader development and social inclusion goals.
