The Social Housing Fund for Mortgage Finance Support and QNB a subsidiary of QNB Group, the largest financial institution in the Middle East and Africa, signed a cooperation protocol aimed at enhancing cooperation in the areas of Mortgage Finance for citizens with low and middle income.
The protocol was signed by Ms. Mai Abdel Hamid, CEO of the Social Housing Mortgage Finance Fund, and Mr. Mohamed Bedeir, CEO of QNB .
The signing ceremony witnessed the participation of the main parties from both sides, in the presence of Mr. Abdullah Rushdi, Executive Vice President of the Social Housing and Mortgage Finance Fund, Mr. Tarek Fayed, Assistant CEO and Board member CBO, Mr. Ayman Gamgoum, Commercial Director - Retail Banking and SMEs, Ms. Nagham Kandil, Head of Retail Banking Division, and Ms. Marian Fahmy, Head of Mortgage finance.
Ms. Mai Abdel Hamid, CEO of the Social Housing Fund, said that QNB is one of the most important Fund partners in enabling citizens with limited income to own appropriate housing units, in implementation of the presidential initiative “Housing for All Egyptians,” where the bank will provide in this phase an amount of 2 billion, bringing the total amount of Mortgage Finance from the bank to the fund’s clients to 5 billion Egyptian pounds.
Mr. Mohamed Bedeir, CEO of QNB , said that signing the cooperation protocol with the Social Housing Fund comes as a continuation of the efforts made by both sides to expand the scope of Mortgage financing support operations for all low- and middle-income customers.
He expressed his appreciation for the role of the Mortgage finance Fund in meeting the needs of young people aspiring to obtain housing units in various governorates, noting that QNB's keenness to support Mortgage finance initiatives since their launch, aligned with the instructions of the Central Bank of Egypt.
He added that the bank achieved exceptional success in the Mortgage Finance sector, which achieved a growth of 67% in 2022, as the portfolio reached 5.5 billion pounds, benefiting more than 24,000 customers.
In addition to offering Mortgage finance loans designed to fulfil customer requirements and a package of banking services and products to support Mortgage finance, emphasizing the bank’s plan to enhance Mortgage finance services for individuals in the near future.