Banque Misr signed a protocol of cooperation with the Real Estate Development Chamber of the Federation of Egyptian Industries to stimulate real estate financing. Mohamed El Etreby – Chairman of the Board of Banque Misr – concluded the protocol with Eng. Tarek Shoukry - Chairman of the Board of Directors of the Real Estate Development Chamber - on Wednesday, 17/6/2020 in the presence of Counselor Osama Ragab - Executive Director of the Real Estate Development Chamber - and Ms. Hind Fahmy - Head of the Retail Banking Sector at Banque Misr. Banque Misr's signing of this protocol comes in line with its vision towards stimulating the real estate market and providing adequate housing for all segments of society, while being aligned with the state’s directives making available mechanisms for contributing to the development of the real estate market. This is through the implementation of the initiative of the Central Bank of Egypt for real estate financing for middle-income groups at a decreasing interest rate of only 8%, in addition to the real estate financing product from Banque Misr, which targets other groups beyond the CBE’s initiative, in accordance with the provisions of the Bank’s credit policy.

This protocol aims to establish mechanisms and frameworks for joint cooperation between Banque Misr and the Real Estate Development Chamber of the Federation of Egyptian Industries in order to facilitate real estate financing procedures for all those dealing with real estate developers who are members of the Chamber; by creating flexible work flows that are compatible with the nature and requirements of the Egyptian real estate market, while being in line with the credit policy of Banque Misr. This is while also observing the applicable laws and regulations governing the real estate market in Egypt, by way of implementing of the CBE initiative for real estate financing for middle income individuals; in addition to offering Banque Misr’s real estate financing product to clients for all projects developed by members of the Chamber – for whom the initiative is not applicable – in a way that serves all citizen segments. The purpose is to achieve public benefit on all sides of the real estate financing spectrum.

Banque Misr’s conclusion of this protocol complements its leading role in the domain of real estate financing, since it has long participated in the CBE’s real estate financing initiatives, for the purpose of strengthening the real estate and construction sector for low and middle-income individuals. The Bank also strives to facilitate the transactions of the real estate investment and development community; being prime pillars for offering an investment climate that accommodates the expectations of the overarching real estate market.

Owing to its stature as a leading banking institution, Banque Misr has always been keen on partaking in initiatives and protocols that seek to render services to fulfil customer needs, since customer satisfaction is considered paramount to the Bank, due to them being essential partners in success.