United Bank’s mort­gage port­fo­lio scored EGP 235m: Chair­per­son

Bank funded hous­ing units’ pur­chase for 1,850 clients, says El-Kady

The Daily News Egypt - - Business -

The size of the real es­tate mort­gage finance port­fo­lio of the United Bank reached EGP 235m, ac­cord­ing to the bank’s chair­per­son Ashraf El-Kady.

He ex­plained that this port­fo­lio cov­ered 1,850 clients across Egypt, which is in re­sponse to the ef­forts of the state and the Cen­tral Bank of Egypt (CBE) to im­prove the liv­ing stan­dard of Egyp­tians and pro­pel the real es­tate mar­ket to func­tion bet­ter, thus boost­ing the na­tional econ­omy.

The bank has re­cently an­nounced the com­ple­tion of the ac­ti­va­tion of the mort­gage fi­nanc­ing pro­ce­dures elec­tron­i­cally in all its 54 branches, and de­liv­ered con­tracts of a new batch of lim­ited and mid­dle in­come hous­ing units.

Ac­cord­ing to El-Kady, clients can now go to any branch in Egypt, fill the ap­pli­ca­tion, and then com­plete the pro­ce­dures for the hous­ing units in a very short time.

On the plan of the United Bank is to ex­pand mort­gage ser­vices in 2019, he said, as that the bank is work­ing on three main as­pects.

He ex­plained that the first axis aims to ob­tain a new tranche of the Mort­gage Finance Fund to finance hous­ing projects in the new cities.

El-Kady added that the sec­ond axis is based on the agree­ment with the real es­tate in­vest­ment com­pa­nies, which have res­i­den­tial projects and ap­ply the fund’s de­ter­mi­nants and con­di­tions of the ini­tia­tive.He pointed out that the bank ini­ti­ated a res­i­den­tial pro­ject in the 10th of Ra­madan City as part of the plan to merge the pri­vate sec­tor through the projects of the fund.

The third axis, he con­tin­ued, is to ex­pand the pro­vi­sion of mort­gage ser­vices for lux­ury hous­ing by deep­en­ing the con­cept and fea­tures of mort­gage fi­nanc­ing for this seg­ment.

The real es­tate finance ini­tia­tive launched by the CBE aims


to sup­port the cit­i­zens of lim­ited and mid­dle in­come to start a new life. El-Kady pointed out that the prop­erty is still con­sid­ered a means of safe and prof­itable in­vest­ment in the long term, as well as the main mo­tive for achiev­ing so­cial jus­tice among cit­i­zens.

Fur­ther­more, he added that be­long­ing to the home­land and feel­ing safe through a healthy home suit­able for the cit­i­zen will cre­ate a mo­ti­va­tion to work and strive to im­prove the so­cial and eco­nomic level, as well as re­lieve pres­sure and find so­lu­tions to in­for­mal set­tle­ments that have sur­rounded all the gov­er­norates of the repub­lic and cause many prob­lems.

Ashraf El-Kady, chair­per­son of the United Bank

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