The Banking Executive Magazine - September 2023 Issue

MFF, QNB Alahli MFF, QNB Alahli PARTNER TO OFFER $64MLN IN LOW-COST HOUSING LOANS The Social Housing and Mortgage Fi- nance Fund (MFF) and QNB Alahli have signed a cooperation protocol to provide EGP 2bn in real estate fi- nancing for low- and middle-income citizens. The protocol was signed by Mai Abdel Hamid, CEO of MFF, and Mohamed Badir, CEO of QNB Alahli. According to Abdel Hamid, QNB Alahli is one of the main partners of the MFF in offering housing loans to low- and middle-income applicants under the presidential initiative “Housing for All Egyptians”. The pro- tocol will increase the total amount of mortgage financing from the bank to its clients to EGP 5bn. Badir said that the cooperation pro- tocol reflects the joint efforts of the MFF and QNB Alahli to support the mortgage financing sector for low- and middle-income clients with in- terest rates of 7% and 8%. He added that this will help them own suitable housing with easy terms. He also said that QNB Alahli has been supporting the mortgage fi- nancing initiatives since their launch, following the directives of the Cen- tral Bank of Egypt (CBE). He noted that the bank achieved a 67% growth in the mortgage financing sector in 2022, reaching a portfolio of EGP 5.5bn that benefited over 24,000 customers. He said that the bank of- fers various real estate loans and banking services and products to support the mortgage financing sec- tor. He concluded by saying that the bank plans to enhance its real estate financing services for individuals shortly. the BANKING EXECUTIVE 12 ISSUE 177 SEPTEMBER 2023