Social Housing Fund, QNB bank sign protocol aimed at financing affordable housing

The collaboration between the Social Housing and Mortgage Finance Fund and QNB Alahli Bank took a significant step forward as they recently signed a cooperation protocol, valued at LE 2 billion, aimed at providing real estate financing to citizens.

The new protocol seeks to facilitate financing options for low and middle-income individuals seeking housing units offered by the Fund, Chairman of the Social Housing and Mortgage Finance Fund, Mai Abdel Hamid, stated. The new funding increases the total amount allocated by the bank for the Social Housing and Mortgage Finance Fund’s clients to LE 5 billion.

The signing ceremony of the protocol was attended by esteemed officials from both organizations, including Chairperson of Social Housing and Mortgage Finance Fund, Mai Abdel Hamid; Vice Chairperson of Social Housing and Mortgage Finance Fund, Abdullah Rushdi; Head of Data Analytics & Business Planning at QNB, Nagham Kandil; and Head of Mortgage Finance Fund Sales at QNB, Marianne Fahmy.

Both parties expressed their strong commitment to enhancing cooperation between them. Furthermore, they emphasized that the signing of the cooperation protocol marks the beginning of a broader partnership in the future, with the aim of benefiting low and middle-income citizens who aspire to secure their housing units through the Fund.

During the "Hekaya Waten" conference, Minister of Housing, Utilities, and Urban Communities, Assem El-Gazzar, revealed that the expenditure on new urban communities over a span of 9 years amounted to LE 1.3 trillion. Out of this total, 25 percent, valued at LE 325 billion, was allocated to existing cities. The remaining 75 percent, valued at LE 975 billion, was dedicated to the fourth-generation cities initiated in 2014.