Saib Bank Signs EGP 1.5Bn Mortgage-Finance Protocol With Social Housing Fund

(MENAFN- Daily News Egypt) saib Bank has signed a cooperation protocol with the Social Housing and Mortgage Finance Fund to strengthen collaboration in mortgage financing and provide funding for eligible applicants under the Fund's housing programmes targeting low- and middle-income segments.

The protocol was signed by Afdal El-Sayed Naguib, Chief Executive Officer and Managing Director of saib Bank, and May Abdel Hamid, Chief Executive Officer of the Social Housing and Mortgage Finance Fund. The signing ceremony was attended by Tarek Abdo, Deputy Managing Director of saib Bank, alongside several senior bank executives. Representatives from the Fund included Hala Ghazy, Deputy Chief Executive Officer, and Omnia El-Maddawy, General Director of the Support Department.

Naguib said the bank's participation in the Central Bank of Egypt's mortgage-finance initiative for low- and middle-income households aligns with saib's strategy to support the state's development agenda and Egypt's Vision 2030, which prioritises sustainable economic growth and extending support to the most vulnerable segments of society.

He added that mortgage financing remains a core priority for saib Bank, noting that the institution continuously assesses the needs of underserved groups and designs financing solutions tailored to their income levels and housing requirements. This approach, he said, is consistent with the CBE's direction towards promoting social inclusion and economic sustainability.

Naguib stressed that the new protocol aims to help citizens secure residential units offered through the Fund's various housing announcements, with the broader objective of providing safe, adequate and affordable homes for low-income families. He reaffirmed the bank's commitment to offering flexible procedures and expanding access to mortgage finance, while strengthening its role within Egypt's social-housing ecosystem.

For her part, Abdel Hamid said the Fund is keen to deepen cooperation with the banking sector to better serve applicants seeking affordable housing units. She highlighted saib Bank's longstanding role as a key partner in providing mortgage financing to low- and middle-income citizens, noting that it was among the first private banks to collaborate with the Fund in this field.

She explained that the newly signed protocol renews a previous agreement between the two sides that was first concluded on 1 September 2020. Under the renewed arrangement, saib Bank will provide up to EGP 1.5bn in mortgage financing for eligible applicants, an expansion that further strengthens cooperation between the two institutions in support of the state's affordable-housing initiatives.

Tarek Abdo, Deputy Managing Director of saib Bank, said the bank believes that every citizen has the right to adequate housing and is committed to simplifying financing procedures and offering practical banking solutions that meet the needs of low-income households, enabling them to acquire suitable homes under affordable terms.

He added that the partnership with the Social Housing and Mortgage Finance Fund reflects saib Bank's broader commitment to supporting state-led initiatives that promote social justice and improve citizens' quality of life. He noted that such projects not only address housing needs but also contribute to job creation and stimulate economic activity in sectors linked to real-estate development.

Both sides reaffirmed their commitment to deepening cooperation, emphasising that the new protocol builds on an established partnership and ensures continued access to mortgage financing for low- and middle-income citizens seeking housing through the Fund's programmes.

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