Egypt’s national developer City Edge Development (CED) and Al Tameer Mortgage Finance (Al Oula) have joined forces to provide a diverse range of mortgage financing packages to potential home buyers, Invest-Gate reports.

Under the cooperation protocol, which was sealed on June 13, clients can lay hands on the desired fully-finished or ready-to-move property and pay the unit value over an extended period of up to 20 years. Besides, customers of City Edge will be granted three different payment methods through which they make an 80% payment ceiling, according to the company’s recent press release.

Chairman of CED Ashraf Salman noted that the collaboration with Al Oula, coming under the Central Bank of Egypt’s (CBE) mortgage finance initiative, is projected to morale up over the Egyptian real estate market, particularly in the wake of the Coronavirus outbreak. 

Meanwhile, CEO and Managing Director of Al Oula Hassan Hussien underscored, “Being chosen by CED marks a testament to the high-quality mortgage services that the company introduce to clients, in accordance with their needs and capacities.”

Currently, CED is executing and promoting various real estate projects in Sheikh Zayed, New Alamein, New Mansoura, together with a number of residential, administrative, and commercial properties in the New Administrative Capital (NAC).

In early May, CED has awarded an EGP 138 mn contract to Gama Construction for carrying out construction works of phase II of Sheikh Zayed’s Etapa, according to a previous statement.