Cairo, Egypt – August 15, 2022
In line with the Central Bank of Egypt’s mortgage finance initiative, Crédit Agricole Egypt has joined hands with Beta Egypt to sign a protocol that facilitates purchasing units among Beta Egypt’s portfolio of projects marked by the variety of areas and plans available, all modelled according to sustainable standards.
Based on this protocol, the bank will offer mortgage facilitations of up to EGP 10m with payment plans extending to 15 years, a maximum finance of 80% of unit price, with a selection of unit options from a diverse portfolio in New Cairo, Sixth of October areas.
The bank also offers finance loans of up to EGP 2m, to be paid along 20 years based on the terms set by CBE with interest rates of 3% and a descending 8%.
The agreement comes in view of the bank’s efforts to maximize benefits for clients via products and initiatives that empower citizens to purchase real estate units in the different governorates with distinctive finance solutions and payment facilitations to help citizens ensure an improved quality of life.
The initiative crystallizes Crédit Agricole Egypt’s strategy to expedite the achievement of sustainable development goals by accelerating the process of finalizing loan finance and purchase procedures. The bank already stands out within the banking sector as the fastest to complete mortgage finance procedures with a two-week record from start to finish of all procedures. The achievement is only a result of the bank’s diligent efforts to simplify the paperwork and procedures for clients, a factor that is considered prime in the process of real estate loans.
In this context, Crédit Agricole Egypt Deputy Managing Director Walie Lotfi said that “The agreement is part and parcel of the bank’s strategy to provide loan facilitations in the real estate sector to diversify its business portfolio and provide a wide range of banking and financial services that cater to clients’ needs and position us as the closest to clients. We view this as our contribution in the scale up towards growth and sustainable development across sectors of the Egyptian economy.”
Walie emphasized that “the purpose of mortgage finance initiatives is to ensure the acceleration of the development process, considering that real estate assets stand as a good investment for clients ensuring an elevated residence at reasonable installments that suit their income.”
Eng. Alaa Fekry, Beta Egypt Chairman and Member of the Board of Directors of the Real Estate Investment Division at the General Federation of Chambers of Commerce, clarified that “This cooperation protocol allows customers to utilize the advantages offered by the central bank’s mortgage finance initiative, purchasing their units at convenient installments, and guaranteeing a home up to luxurious standards at premium locations selected carefully in East and West Cairo. It is part of our role as an urban development company to achieve the growth and prosperity expected from the real estate sector in Egypt.”
Beta Egypt is a major real estate player with investments reaching EGP 6bn, an authorized capital of EGP 500m and an issued capital of EGP 115m in urban development and construction. The company’s current inventory of 950 MM spans prominent projects including Beta Gardens, Beta Greens and Golf Residence in West Cairo, and Golf Palace, Golf House and Beta Greens in East Cairo on top of 25 years of successful operations.
Find out more about the bank’s real estate finance offerings here: