SHMFF, CIB sign EGP 3 bln protocol for funding social housing in Egypt

Ahram Online , Wednesday 17 Jan 2024

Egypt’s Social Housing and Mortgage Finance Fund (SHMFF) has signed a protocol with the Commercial International Bank (CIB) to offer EGP 3 billion in financing social housing for low- and middle-income citizens.

CIB s CEO - Retail Banking, SHMFF CEO during the signing ceremony. Cabinet.
CIB s CEO - Retail Banking, SHMFF CEO during the signing ceremony. Cabinet.

 

The new funding increases CIB’s mortgage finance allocations for SHMFF’s clients to EGP 7 billion, according to a cabinet statement on Wednesday, citing the fund’s CEO Mai Abdel-Hameed.

The protocol with the SHMFF is in line with the cooperation between the fund and the bank in providing mortgage finance for low- and middle-income citizens at 3, 7, and 8 percent interests, said CEO of Retail Banking at CIB Rashwan Hammady.

Founded in 2018, SHMFF is an Egyptian state entity providing housing units for low- and middle-income citizens that are suitable for their financial capabilities.

Different bodies of the Egyptian state have been moving in recent years to promote mortgage finance in Egypt.

In 2019, the Central Bank of Egypt (CBE) allocated EGP 50 billion to a real estate financing initiative for middle-income individuals. 

The initiative’s oversight was transferred from the CBE to the Ministry of Finance in November 2022.

Short link: