Banque Misr has signed a cooperation protocol with City Edge Developments (CED), as part of the real estate mortgage initiative launched by the Central Bank of Egypt, Invest-Gate reports.
The initiative aims to provide financing facilities as Banque Misr will give City Edge customers three easy options. The first one is a repayment period extending over 20 years with a minimum downpayment of 20% as part of the Central Bank’s initiative for the middle-income segment, while the second one includes various payment periods for units not included in the Central Bank’s initiative up to 15 years according to the mortgage law. The third payment facility is over 15 years to previously contracted clients wishing to resell their units.
Hend Fahmy, head of Retail Banking at Banque Misr praises this cooperation saying, “We are happy to cooperate with City Edge Developments as one of the developers with a distinct vision in the Egyptian market.”
Fahmy further adds, ” This protocol is a continuation of Banque Misr’s pioneering role in the field of real estate, which is one of the most important sectors affecting the Egyptian economy.”
On his part City Edge Developments CEO Mohamed Mekkawi affirms that this cooperation is a link between purchasing power and the housing units’ prices, stressing that City Edge tempts to implement new initiatives in line with the state’s urban development plan and Egypt’s Vision 2030.
Hassan Nasr, head of the financial department at City Edge Developments underlines, “Pumping a large volume of liquidity will ultimately contribute to implementing the strategic developmental urban plans.”
The agreement was in the presence of Mohamed Mekkawi, CEO of City Edge, Hend Fahmy, head of Retail Banking at Banque Misr, Mohamed El-Etreby, Chairman of Banque Misr, and Ashraf Salman, Chairman of City Edge.