In line with the directives of President Abdel Fattah El-Sisi and the continuous follow-up of Prime Minister Dr. Mostafa Madbouly, Egypt’s Ministry of Housing, Utilities, and Urban Communities — represented by the New Urban Communities Authority (NUCA) — has signed several cooperation protocols with leading banks and mortgage finance companies to activate the open mortgage finance system for residential, administrative, and commercial units owned by the authority, Invest-Gate reports.
The agreements were signed with Banque Misr, Commercial International Bank (CIB), QNB – Egypt, and Arab African International Mortgage Finance Company (AAIMF), as part of the ministry’s efforts to enhance sustainable urban development and support Egypt’s economic growth.
Eng. Sherif El-Sherbini, Minister of Housing, Utilities, and Urban Communities, stated that the protocols reflect the ministry’s vision to expand collaboration between the state and financial institutions to support homeownership, stimulate the real estate market, and attract local and foreign investments that contribute to national economic growth.
El-Sherbini explained that this step represents a qualitative shift in Egypt’s real estate finance tools, aiming to provide flexible and sustainable financing solutions with repayment periods of up to 20 years and affordable down payments suited to different income levels. The initiative also opens new opportunities for Egyptians abroad and foreign investors to participate in Egypt’s real estate market under the “Exporting Real Estate” initiative.
He added that cooperation with major financial institutions demonstrates confidence in the strength and legal stability of NUCA’s projects, enabling financing for ready-to-move units in new cities and facilitating ownership without the need to wait for construction or delivery phases.
The minister noted that the cooperation framework includes three main components: financing the purchase of ready units not covered by Central Bank initiatives, offering rescheduling options for existing clients, and financing the resale of units delivered by NUCA — all with flexible repayment terms and direct supervision to ensure smooth execution.
El-Sherbini emphasized that this collaboration offers strategic advantages for all parties, providing citizens with genuine ownership opportunities through affordable down payments and long repayment terms, while allowing financial institutions to diversify their credit portfolios with stable, high-demand products backed by strong collateral. At the same time, NUCA benefits from accelerating unit marketing, enhancing financial inflows, and supporting infrastructure and service development in new cities.
He affirmed that the ministry is committed to advancing the mortgage finance system in coordination with Egyptian banks and mortgage finance institutions, in line with the goals of the New Republic to ensure decent housing, integrated urban development, and optimal utilization of state assets.
Officials from the participating banks and AAIMF welcomed the cooperation, emphasizing that it will stimulate real estate financing and sales in new cities, expand homeownership opportunities for Egyptians at home and abroad, attract new investments, and contribute to Egypt’s real estate export strategy while supporting economic growth and job creation in the construction sector.