Al Ahly Sabbour, a leading developer in Egypt’s real estate market, reveals signing a tie-up with CIB to provide mortgage finance services of up to 20 years for its Green Square project in New Cairo, Invest-Gate reports.
“Through signing this tie-up, we can benefit from the mortgage finance initiatives that the Central Bank has offered, granting our clients the opportunity to get middle and above-middle housing units; which coincides with Egypt’s 2030 vision,” Al Ahly Sabbour CEO Ahmed Sabbour comments. He adds that the client can acquire their housing units with relative ease at Green Square.
Under the deal, CIB offers three different payment plans that can reach a period of 20 years instalments. As part of the Central Bank initiative, the first plan consists of 20% down payment, while the second has an alternative plan that caters to those who are not part of the Central Bank initiative. The third plan is suitable for resale purposes for Al Ahly Sabbour existing senior clients.
“Green Square units are ready to move, thanks to the tie-up between Al Ahly Sabbour and CIB with a long instalment up to 20 years at a low-interest rate as part of the Central Bank initiative for Mortgage Finance,” Sabbour notes.
“We believe that it is important to find new financial alternatives that meet the ever-changing needs of our clients. As the real estate sector proved to be the main investment option, CIB has collaborated with Al Ahly Sabbour, one of the biggest leading real estate companies in Egypt,” CEO of Retail Banking at CIB Ahmed Eissa states.
The EGP 1.08 bn- Green Square project is 95% finished and spreads on 80 acres at Mostakbal City in the heart of New Cairo and features 1,128 units of villas, townhouses, and duplex apartments, ranging in size from 125 sqm to 265 sqm.