The Social Housing and Mortgage Finance Fund has signed a cooperation protocol with CIB–Egypt, one of the country’s largest private-sector banks, to expand joint efforts in mortgage financing and support beneficiaries of the Fund’s housing programmes targeting low- and middle-income citizens.
The protocol was signed by May Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, and Islam Zekry, Group CFO, COO and Executive Board Member at CIB, in the presence of senior bank and Fund officials, including Yasser Abdallah, Deputy CEO for Retail and SME Banking; Ahmed El-Shafie, Head of Mortgage Business and National Sales; Shehab Mamdouh, Head of the Mortgage Finance Division; and Omnia El-Maadawy, General Manager of the Fund’s Support Department.
Following the signing, Abdel Hamid emphasised that CIB remains one of the Fund’s key strategic partners in expanding access to mortgage finance for low- and middle-income applicants seeking housing units across its nationwide offerings. She noted that the Fund continues to deepen cooperation with the banking sector to facilitate homeownership under the presidential housing initiative.
Abdel Hamid added that the new protocol raises the financial envelope allocated to CIB by an additional EGP 6bn, effectively doubling the bank’s total mortgage finance allocation under the programme to EGP 12bn.
For his part, Zekry said the protocol reflects CIB’s long-standing commitment to supporting mortgage programmes designed for low- and middle-income households. He noted that the bank is working to streamline procedures and improve accessibility through affordable and transparent financing mechanisms.
Yasser Abdallah praised the pivotal role played by the Social Housing Fund in meeting the housing aspirations of young people across Egypt’s governorates. He reaffirmed CIB’s dedication to supporting mortgage initiatives since their inception, in line with the Central Bank of Egypt’s vision and the bank’s broader social and economic sustainability principles.
Ahmed El-Shafie highlighted CIB’s strong performance in the mortgage sector, noting that the bank’s mortgage portfolio for low- and middle-income customers has reached EGP 6bn, serving more than 34,000 beneficiaries.
At the conclusion of the signing ceremony, both parties expressed their commitment to maintaining and expanding their collaboration, confirming that the new protocol represents another step towards enhancing joint efforts in the coming period to support citizens seeking affordable housing.
