The Industrial Development Bank (IDB) and the Urban Development Fund (UDF) have signed a cooperation protocol covering the sale of units in urban development projects in governorates’ capitals and major cities, opening up broader opportunities for citizens seeking to purchase units offered under the Fund’s projects. The agreement will provide financing solutions in accordance with applicable rules and regulations, marking a new step that reflects the banking sector’s growing role in supporting the state’s urban development efforts.
The protocol was signed by Hussein Refaey, CEO and Managing Director of IDB, and Khaled Seddik, Chairperson of the UDF, in the presence of a number of senior officials from both institutions.
The protocol reflects the two sides’ commitment to strengthening integration between national institutions and the banking sector and linking urban development projects with financing solutions. This supports the state’s efforts to improve quality of life and promote balanced development across governorates and major cities.
The IDB CEO and Managing Director said that signing the protocol represents a new step in the bank’s efforts to strengthen its role as an active banking partner in supporting economic and social development plans, as well as providing banking and financing solutions that meet customers’ evolving needs.
Refaey explained that the bank is continuing to implement its strategy of transforming into a full-service commercial bank offering integrated solutions to individuals, companies and small and medium-sized enterprises (SMEs), while maintaining its historic role in supporting the Egyptian economy and financing priority sectors and activities.
He added that cooperation with the UDF stems from the bank’s belief that its role extends beyond providing banking products and services to making an active contribution to development, supporting citizens and expanding their access to financial and banking services.
He also noted that providing financing solutions to citizens seeking to purchase residential units in the Fund’s projects represents a form of integration between the banking sector and development institutions. He stressed IDB’s commitment to developing flexible solutions tailored to customers’ needs, in line with applicable rules and regulations.
“IDB will continue to expand its customer base, diversify its financing portfolio and develop its products, strengthening its ability to respond to the needs of the Egyptian market and reinforcing its position as a full-service commercial bank that places customers and development at the heart of its strategy,” Refaey said.
For his part, Seddik, Chairperson of the UDF, said cooperation with IDB represents a new addition to the Fund’s efforts to strengthen its partnership with the banking sector and provide diversified financing mechanisms for citizens seeking to benefit from urban development projects.
Seddik explained that the UDF operates under an integrated vision aimed at developing existing cities and establishing integrated urban communities, contributing to improved quality of life and sustainable urban development.
He noted that cooperation with banking institutions is an important pillar in supporting the Fund’s strategy by facilitating citizens’ access to appropriate financing to purchase the units on offer, thereby integrating urban development with bank financing.
He stressed that the Fund’s projects seek to generate an economic and social impact that extends beyond providing residential units by supporting economic activity linked to the real estate sector, creating jobs, developing existing areas and improving the quality of services and life for citizens.
IDB has a banking history dating back to 1947 and is currently implementing a strategy aimed at developing its business model, expanding its financing and deposit portfolios, increasing its branch and service-point network, strengthening digital transformation and improving the customer experience.
The bank said supporting development is an integral part of its identity, combining its longstanding experience in financing productive sectors with its current focus on providing integrated banking solutions to individuals, companies and SMEs.
This approach has been reflected in the bank’s recent expansion of its range of banking services and efforts to strengthen its position as a full-service commercial bank.
The Urban Development Fund is one of Egypt’s key national entities operating in urban development. It plays a role in developing governorates’ capitals and major cities and implementing projects aimed at upgrading urban areas and improving quality of life.
The “Darah” project for developing governorates’ capitals and major cities is among the Fund’s flagship projects. Its first phase covered 13 governorates and 24 projects, with significant progress made in implementation.
Moreover, the Fund has previously announced plans to develop hundreds of thousands of residential units, highlighting the potential role of partnerships with the banking sector in broadening access to these projects.
The protocol sets out the framework for cooperation between IDB and the UDF regarding the sale of units in urban development projects in governorates’ capitals and major cities. It also defines the respective roles and obligations of the two sides, ensuring clear working and coordination mechanisms. The partnership reflects a shared vision based on integrating urban development with bank financing to broaden the beneficiary base, expand homeownership opportunities, support economic activity linked to the real estate sector and contribute to Egypt’s objectives of achieving sustainable urban, economic and social development.
Through the partnership, IDB reaffirmed its commitment to playing an active role in development, placing citizens’ needs, banking service development and maximising economic and social impact at the top of its priorities.
