Beta Egypt for Urban Development (Beta Egypt) announces its cooperation with the Qatari National Bank (QNB Alahli) to offer long-term mortgages for the company’s units in New Cairo’s Mostakbal City and October Gardens City, Invest-Gate reports.

The cooperation protocol allows Beta Egypt customers to purchase luxury units, making use of the long-term mortgages that QNB will offer at an interest rate of 8.3 %, as part of the Central Bank of Egypt’s (CBE) initiatives, along with a variety of QNB mortgage programs.

“It falls within the framework of the company’s commitment to fulfilling customer needs and serving the State’s goals”, Beta Egypt’s CEO and Chairman Alaa Fekry says.

Moreover, Fekry elaborates that the protocol allows Beta’s customers to purchase housing units with up to 30-year mortgage plans, adding that the deal covers all purchased and non-purchased units in Beta Greens New Cairo project, Mostakbal City and October Gardens City.

For his part, QNB Alahli’s CEO Mohamed Mahmoud Ali Bedeir reaffirms the bank’s commitment to stimulating the mortgage lending sector to promote Egypt’s national economy.

Beta Greens, New Cairo project is an EGP 1 bn- project, spanning over 25 acres. It features 730 housing units, including apartments and family villas of the stand-alone, twin house, and townhouse types. Moreover, the project offers apartments ranging from 90 to 250 sqm. Beta Egypt is expected to deliver the first two phases in six months.

The protocol has been signed by Beta Egypt’s CEO and Chairman Alaa Fekry and QNB Alahli’s CEO Mohamed Mahmoud Ali Bedeir in a ceremony with the attendance of senior officials from both parties.