The Commercial International Bank (CIB) – Egypt and the Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authority (NUCA), have signed a cooperation protocol under which the bank will provide mortgage financing to clients wishing to purchase housing units owned by the Authority. These units form part of NUCA's mandate to achieve integrated and sustainable development, promote urban expansion, address planning challenges, and provide adequate housing for all segments of society, including within new urban communities. The initiative aligns with the directives of President Abdel Fattah Al-Sisi and is being closely followed up by Prime Minister Mostafa Madbouly. It reflects the state's broader commitment to advancing sustainable urban development and supporting economic growth. Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, stressed the importance of ongoing efforts by the Ministry and NUCA to revitalise Egypt's mortgage financing system. This includes launching new projects and urban communities, and working with financial institutions to secure mortgage solutions that meet citizens' needs. El-Sherbiny noted that the cooperation provides citizens with a genuine opportunity for homeownership through affordable down payments and extended repayment plans of up to 20 years, making monthly instalments accessible to various segments of society. He added that it also enhances the investment value of property and supports the state's development plans, contributing significantly to the Egyptian economy and advancing financial inclusion. In addition, it creates new employment opportunities given the real estate sector's strong linkages with industries such as construction, one of the main drivers of national economic activity. He further stated that collaboration with major financial institutions underscores the confidence in the strength and stability—both legal and administrative—of NUCA's projects. It also enables financial institutions to extend financing for ready-to-move units fully equipped with public utilities in new cities, allowing citizens to acquire homes immediately without waiting for construction or delivery phases. The minister affirmed that the Ministry continues to advance the mortgage financing system in coordination with Egyptian banks and all mortgage finance entities, in line with the New Republic's objectives of providing decent housing and achieving integrated urban development. Yasser Abdallah, Executive Vice President of Retail Banking at CIB, said that given the scale of NUCA's national projects and their impact on improving living standards, the bank has ensured its strategy is aligned with the needs of the Egyptian real estate market. He added that the bank aims to deepen its cooperation with the Authority through this protocol, offering financial solutions that suit all segments of society and supporting the state's long-term vision for the real estate sector. Ahmed El-Shafie, Head of Mortgage Finance and Sales Channels at CIB, emphasised the importance of leveraging the banking sector to support the implementation of the state's future strategy. He pointed out that recent amendments to housing legislation and collateral registration procedures are designed to attract more citizens to the mortgage finance system and encourage a new perspective on home financing. El-Shafie also recalled the bank's previous successful cooperation with the Ministry of Housing, represented by the Social Housing and Mortgage Finance Fund, in financing units for low- and middle-income citizens under President Abdel Fattah Al-Sisi's initiative—a partnership that demonstrates the bank's commitment to offering financial solutions that help citizens secure suitable housing as part of its social responsibility. He added that the new cooperation will enable citizens wishing to purchase housing units to obtain mortgage loans with competitive interest rates and repayment periods of up to 15 years.
