QNB, the largest financial institution in the Middle East and Africa, has signed a cooperation protocol with the Urban Development Fund (UDF)– a subsidiary of the Council of Ministers, within the framework of achieving one of the Fund's objectives, which seeks to achieve integrated and sustainable development, address urban problems and provide housing balance for all segments of society in urban development projects for the capitals of governorates and major cities implemented by UDF throughout Egypt. Where the bank facilitates the access of citizens and customers The bank offers real estate units with favorable terms and unique benefits.
This cooperation comes within the framework of the bank's keenness to enhance the state’s efforts in providing decent housing for all Egyptians and contribute to achieving comprehensive urban development and increasing the volume of real estate financing, in line with the bank's plans and objectives in the Egyptian market on the one hand and achieving sustainability goals on the other hand.
It also reflects the Bank's leading role in the field of real estate finance and its variety of products tailored to meet the needs of this vital sector.
The cooperation protocol was signed by Mr. Mohamed BEDEIR, CEO of QNB Egypt. and Eng. Khalid Siddiq, Chairman of the Board of Directors of the Urban Development Fund.
On this occasion, Mr. Mohamed BEDEIR, CEO of QNB Egypt, expressed his appreciation for this cooperation with the Urban Development Fund, which will enshrine the goals of financial inclusion by developing banking products specifically designed to respond to the needs of the largest segment of customers wishing to obtain real estate financing. It suits all their aspirations for suitable housing, from low-income people to those wishing to acquire a luxury property.
Mr. BEDEIR added that QNB Egypt is one of the leading Egyptian banks in the real estate finance sector with a financing volume of EGP 6.7 billion, benefiting about 30,000 customers, and is among the financial institutions supporting all real estate financing initiatives issued by the Central Bank of Egypt.
Eng. Khaled Siddiq, Chairman of the Board of Directors of the Urban Development Fund, expressed his happiness with the signing of this protocol, which will contribute to supporting the real estate sector and contribute to achieving sustainable economic growth, stressing UDF keenness to provide more real estate units in various governorates of the Republic to achieve integrated and sustainable development.
He shed lights that the Fund provides fully finished housing units through the urban development project for provincial capitals and major cities and provides suitable housing at an affordable price and in privileged locations within the main cities.
