United Bank Collaborates with Social Housing Fund to Enhance Affordable Mortgage Solutions
The United Bank has recently entered a partnership with the Social Housing and Mortgage Finance Fund, marking a significant move aimed at expanding affordable mortgage solutions for low- and middle-income citizens in Egypt.
Partnership Overview: Enhancing Home Ownership
The cooperation protocol aligns with national objectives and the initiatives put forth by the Central Bank of Egypt (CBE), which focus on encouraging home ownership and fostering financial inclusion. This collaboration supports Egypt’s Sustainable Development Strategy: Vision 2030.
The agreement was formalized during a signing ceremony attended by key officials, including Mai Abdel Hamid, CEO of the Social Housing Fund, and Tarek Fayed, CEO and Managing Director of The United Bank. Other notable participants included Farag Abdel Hamid, Niven Kashmiry, and Ayman Mohamed representing The United Bank, as well as Hala Ghazi and Omnia El-Maadawy from the Fund.
Expanding Affordable Mortgage Options
Comprehensive Mortgage Programs
Under this new agreement, The United Bank and the Social Housing Fund will launch a variety of mortgage finance programs aimed at providing flexible repayment plans and competitive interest rates. This initiative seeks to broaden access to adequate and affordable housing tailored to the financial capacities of a larger segment of the population.
Mai Abdel Hamid emphasized that The United Bank has been a vital partner for the Fund since 2020. The new protocol aims to increase the financing allocation to EGP 5 billion, reinforcing the strong partnership between the two entities and its potential to positively impact low- and middle-income citizens pursuing housing units within the Fund’s projects.
A Commitment to Social Stability
Inclusive Financing Initiatives
Tarek Fayed articulated that this agreement is a considerable step toward enabling more citizens to achieve family and social stability through accessible mortgage programs. He highlighted that these initiatives are designed to cater to various income levels, aligning with the principles of social justice.
Notably, The United Bank’s mortgage finance portfolio has surpassed EGP 3.4 billion, benefiting over 17,500 clients across the nation. The bank is particularly focused on supporting underrepresented groups, including youth, women, individuals with disabilities, and Egyptians living abroad as part of its inclusive financing strategy.
Enhancing Accessibility
Nationwide Support and Digital Solutions
Fayed also reinforced The United Bank’s commitment to facilitating the process for clients of the Social Housing Fund through its extensive network of 68 branches throughout Egypt, with a special focus on Upper Egypt and the Delta region. The bank is dedicated to simplifying application and payment procedures and providing specialized teams to serve underserved areas. Additionally, digital payment solutions are being introduced to make installment payments more convenient for consumers.
Both The United Bank and the Social Housing Fund have reiterated their shared commitment to enhancing citizens’ access to affordable housing finance, ultimately bolstering the country’s broader developmental and social inclusion efforts.
In summary, this partnership between The United Bank and the Social Housing and Mortgage Finance Fund is a pivotal stride toward providing affordable housing solutions, catering to diverse income groups, and promoting social equity. Through combined efforts, they aim to empower more citizens in their journey toward home ownership, aligning with the national vision for a sustainable future.
