City Edge Developments signs a cooperation protocol with Credit Agricole Bank, aiming at financing real estate units for medium housing through long-term loans with low interest rate, to ease financial burdens, and to expand the opportunity of decent housing ownership, Invest gate reports.

Furthermore, Credit Agricole will provide payment facilities to City Edge Developments clients through three mortgage plans:

  • The first plan provides mortgage finance with a repayment period extended over 20 years with the minimum down payment of 20% within the framework of the CBE initiative.
  • The second plan is provides various payment periods for units that are not included in the initiative for up to 20 years, according to the real estate finance law.
  • The third plan offers payment periods of 20 years to previously contracted clients, who wish to sell units to others, according to the re-sale system.

“By signing this protocol today, we seek to provide an opportunity for the largest amount of customers to benefit from the CBE’s mortgage initiative,” Mohamed El- Mikawi, CEO of City Edge Developments states, adding, “The real estate sector is of great importance due to its association with around 100 industries, directly and indirectly. And given the role the sector plays in the growth of the national economy, the sector’s progression has a commensurate positive effect on all other sectors and contributes to their growth.”

El-Mikawi further points out, “The real estate sector is experiencing a real demand and purchasing desire, with units available for multiple housing segments. Hence, this cooperation demonstrates a link between the purchasing power and the units’ prices in particular. City Edge Developments is aiming to benefit from all the initiatives that are put forward regarding real estate financing.”

For his part, Walie Lotfy, deputy managing director of Credit Agricole elaborates, “We believe in the importance of providing financial solutions that meet all needs; real estate has become one of the most key investment mechanisms. As a result, the bank has cooperated with City Edge Developments, one of the leading firms operating in the real estate market.”

Additionally, Lotfy remarks that the bank’s portfolio has recorded a significant increase in real estate loans since the beginning of the year. The bank’s mortgage finance products are available through its branches, as well as, the Egyptian Real Estate Finance Company, which the bank owns, and considered one of the key players in the field of real estate finance in Egypt.

Lotfy notes that mortgage funding is considered an investment as the CBE’s initiative helped in enabling citizens to own a suitable housing unit and pay its value on a long period of up to 20 years at a low interest rate, which comes in line with the presidential initiative for citizens to obtain proper and suitable housing.

The protocol signing is attended by Mohamed El- Mikawi, CEO of City Edge Developments, and Walie Lotfy, deputy managing director of Credit Agricole; along with senior officials from both entities.