The Social Housing and Mortgage Finance Fund (SHMFF) has signed a new agreement with the Commercial International Bank (CIB) for EGP 3 bn in financing for Egyptians seeking homeownership, Invest-Gate reports.

This collaboration expands CIB’s total mortgage finance allocation for SHMFF clients to EGP 7 billion, providing crucial support for low- and middle-income Egyptians seeking homeownership.

“This agreement reinforces our commitment to making quality housing readily available to those who need it most,” states Mai Abdel-Hameed, CEO of SHMFF.

“By partnering with CIB, we can offer even more individuals and families the opportunity to achieve their dream of owning a home, she adds.

For his part, Rashwan Hammady, CEO of Retail Banking at CIB, emphasizes the alignment between the partnership and both institutions’ goals.

“We are proud to work alongside SHMFF in fulfilling Egypt’s housing needs. This collaboration allows us to provide affordable mortgage options with interest rates ranging from 3% to 8%, making homeownership a reality for many,” Hammady notes.

Established in 2018, SHMFF has played a vital role in Egypt’s social housing initiatives. By offering housing units specifically designed and priced for low- and middle-income citizens, the fund promotes social inclusion and stability.