Egypt's Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authority (NUCA), signed on Tuesday several protocols with major banks and mortgage finance companies to activate the free mortgage finance system for residential, administrative, and commercial units owned by NUCA. The agreements were concluded with Banque Misr, the Commercial International Bank (CIB), Qatar National Bank (QNB Egypt), and the Arab African International Bank (AAIB), as part of efforts to expand financing options for property ownership and stimulate real estate investment. Minister of Housing, Sherif El-Sherbiny, who witnessed the agreements signing, described the move as a significant step in developing Egypt's mortgage finance system, providing flexible repayment terms of up to 20 years and affordable down payments suited to various income levels. The system also supports Egyptians abroad and foreign investors seeking opportunities under the Exporting Egyptian Real Estate initiative. He explained that the cooperation covers three main areas: financing ready units not included in the Central Bank of Egypt (CBE) mortgage initiatives, rescheduling for previous buyers, and funding the resale of NUCA-delivered units. The system offers simplified procedures and direct oversight to ensure efficient implementation. El-Sherbiny noted that the agreements will generate mutual benefits by expanding access to affordable homeownership, supporting financial sector stability through diversified credit portfolios, and accelerating NUCA's marketing and funding cycles to advance infrastructure and development projects in new cities. The minister also revealed plans to sign further protocols in the coming period to strengthen the country's real estate finance ecosystem. Attribution: Amwal Al Ghad English
