City Edge Developments (CED) signs a cooperation protocol with the Commercial International Bank Egypt (CIB) worth EGP1bn, as part of the real estate finance initiative launched by the Central Bank of Egypt, Invest-Gate reports.
The protocol aims at expanding real estate financing services within the development plan and Egypt’s Vision 2030, according to a company press release.
According to this protocol, CIB-Egypt will provide payment facilities to CED customers through three methods; the first one includes a repayment period extending over 20 years with a minimum 20% reservation deposit, the second provides various payment periods for units not included in the central bank’s initiative up to 20 years, and the third repayment period is over 20 years for previously contracted clients wishing to sell units to others.
On his part, Ashraf Salman, Chairman of CED Real Estate says, “We provide customers with different ways to benefit from the Central Bank initiative for real estate financing. The real estate sector is one of the most significant indicators of the progress and growth of countries.”
On his part – El Ganainy , praised the cooperation, saying, “We are delighted with this cooperation, as we aim to revitalize this vital sector, by providing multiple financing programs for residential units in line with the needs of for different individuals.”
He further elaborates that the initiative offers an 8% return and a maximum repayment period of 20 years at a value of EGP 2.25 mn per unit and a maximum area of 150 sqm, the down payment is 20% as a minimum of the total value of the unit.
Furthermore, Makkawi indicates, “The protocol comes within the framework of the Central Bank’s initiative to provide long-term financing and support to citizens.”
Moreover, Hassan Nasr, head of the financial sector of City Edge says, “It was necessary to provide housing units that fit the purchasing power with easy payment terms to achieve the objectives of the Central Bank’s initiative.”
The protocol was signed by City Edge Developments CEO Mohamed Mekkawi, Amr El Ganainy CEO, Institutional Banking, Commercial International Bank (Egypt), in the presence of Ashraf Salman, Chairman of the City Edge, Hassan Nasr, Head of the Company’s Financial Sector.