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Banque Misr Signs Collaboration Protocol with Housing and Development Bank for Establishing and Marketing Major Residential, Commercial and Administrative Projects
09/11/2020

Banque Misr signed a collaboration protocol with the Housing and Development Bank with the aim of establishing mechanisms for joint cooperation for the construction and marketing of landmark residential, commercial and administrative projects. Mr. Mohamed El Etreby – Chairman  of Banque Misr – signed the protocol with Mr. Hassan Ghanem – Chairman of the Housing and Development Bank – on Sunday, November 8th 2020 at Banque Misr headquarters, in the presence of select executives representing the two banks.

The signing of the protocol between Banque Misr and the Development and Housing Bank comes within the framework of contributing to the implementation of the general policy adopted by the state, which aims to expand the establishment of major projects, especially those that lead to providing job and housing opportunities. Banque Misr is the owner of various plots that are suitable for establishing the targeted projects (residential/commercial/administrative/recreational), while the Housing and Development Bank has extensive experience in the field of constructing and marketing distinguished residential, commercial, administrative and recreational projects throughout the country. It also commands specialized personnel who are adequately qualified to implement such projects.

The protocol allows Banque Misr and the Housing and Development Bank to grant financing to unit buyers within the framework of applicable laws and regulations governing the real estate market in Egypt, in line with the credit policy of the two banks, where real estate financing is granted in a way that serves all citizens and achieves the public benefit of all parties involved. This is in light of the vital role played by Egyptian banks in advancing the national economy.

Both banks seek to promote excellence of their services, maintain long-term success and to actively engage in the services that meet the needs of their customers, by entering into partnerships, initiatives and protocols that meet those requirements. The values and strategies of Banque Misr and the Housing and Development Bank reflect a commitment and dedication to sustainable development and to achieving prosperity for Egypt, as part of their pioneering role in supporting the national economy, driving economic development and promoting national and strategic advancement.