The Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authority (NUCA), has signed a series of protocols with a distinguished group of banks and leading mortgage finance companies in the Egyptian market — including Banque Misr, the Commercial International Bank (CIB), Qatar National Bank – Egypt (QNB), and the Arab African International Mortgage Finance Company (AAIMF). These agreements aim to activate the free mortgage financing system for residential, administrative, and commercial units affiliated with the Authority.
This collaboration comes under the directives of President Abdel Fattah El-Sisi and the support and follow-up of Prime Minister Dr. Mostafa Madbouly, as part of the state’s efforts to promote sustainable urban development and drive national economic growth.
Engineer Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, affirmed that these protocols form part of the Ministry’s vision to broaden the partnership between the government and financial institutions. The goal is to enhance integration in empowering citizens to own real estate units, revitalize the property market, and attract more local and international investments.
The Minister explained that this initiative provides advanced mortgage financing tools that meet the needs of various income levels through long-term payment programs extending up to 20 years, with flexible down payments suited to citizens’ financial capabilities. It also maintains a balance between economic and social objectives.
Moreover, this system opens new prospects for attracting Egyptian expatriates, as well as Arab and foreign investors, to actively participate in the Egyptian real estate market under the “Exporting Egyptian Property” initiative.
El-Sherbiny emphasized that the development of the mortgage finance system will continue in cooperation with Egyptian banks and mortgage finance institutions, in line with the goals of the New Republic to improve citizens’ living standards and develop integrated urban areas. He also noted the Ministry’s intention to sign additional protocols in the coming stages to ensure the continuity of this approach and the advancement of the real estate market.
On the other hand, representatives of the participating banks and the Arab African International Mortgage Finance Company expressed their appreciation for signing this protocol with the Ministry of Housing, represented by NUCA. They affirmed that this initiative directly contributes to enhancing financing and sales activity within new cities, increasing ownership opportunities for Egyptians both inside and outside the country.
They also noted that the initiative supports non-tax state revenues through innovative financing tools that attract domestic and foreign capital, while stimulating the construction and building sectors — both of which play a vital role in boosting the economy and creating diverse direct and indirect job opportunities.
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