City Edge Developments (CED) has signed a cooperation protocol with Suez Canal Bank to offer more diverse mortgage finance products, in line with the Central Bank of Egypt’s (CBE) initiative to boost the field of real estate lending in Egypt, Invest-Gate reports.

Under the deal, both parties will “provide convenient payment plans for CED customers through three systems,” the first of which entails the provision of mortgage finance with a 20-plus-year repayment period, at a 20% upfront payment, as highlighted in the developer’s press release on August 12.

Secondly, prospective clients can buy real estate units that are not listed under the CBE’s initiative through various payment plans of up to 10 years, in accordance with the Mortgage Finance Law.

“The third system offers various installment periods that reach up to 10 years provided to contracting clients that wish to sell units to others according to the resale system,” read the statement.

According to Ashraf Salman, the company’s chairman, CED endeavors to team up with additional entities and institutions to achieve its strategic vision toward the advancement of the Egyptian real estate market, not to mention the local economy at large.

Last June, CED and Al Tameer Mortgage Finance (Al Oula) joined forces to present potential homebuyers with different mortgage financing packages, thereby allowing them to acquire the desired fully-finished or ready-to-move properties and pay the unit value over an extended period of up to 20 years, the developer unveiled back then.

Besides, CED’s customers will be granted three different payment methods through which they make an 80% payment ceiling, according to the company’s former official statement, underlining that the partnership is projected to morale up over the North African country’s property sector.