Egypt's IDB and Urban Development Fund sign protocol to expand homeownership financing
Written on
Egypt's Industrial Development Bank and the Urban Development Fund have signed a cooperation protocol to provide financing for citizens buying units in urban development projects in governorate capitals and major cities.
Egypt's Industrial Development Bank (IDB) and the Urban Development Fund (UDF) have signed a cooperation protocol covering the sale of units in urban development projects in governorate capitals and major cities, opening broader opportunities for citizens seeking to buy units offered under the Fund's projects.
The agreement was signed by Hussein Refaey, chief executive and managing director of IDB, and Khaled Seddik, chairperson of the UDF, in the presence of senior officials from both institutions. It sets out a framework for cooperation and the roles and obligations of each side, and provides financing solutions in line with applicable rules and regulations.
Refaey said the protocol fits the bank's strategy of transforming into a full-service commercial bank offering integrated solutions to individuals, companies and small and medium-sized enterprises, while maintaining its historic role in financing priority sectors. IDB's banking history dates back to 1947.
Seddik said cooperation with banks is an important pillar of the Fund's strategy because it helps citizens obtain appropriate financing to purchase the units on offer, integrating urban development with bank financing. He said the Fund's projects are intended to generate economic and social impact beyond housing by supporting activity linked to the real estate sector and creating jobs.
The UDF's “Darah” project for developing governorate capitals and major cities has completed a first phase covering 13 governorates and 24 projects, and the Fund has previously announced plans to develop hundreds of thousands of residential units.