CIB and NUCA Sign Protocol to Expand Mortgage Financing
In line with the directives of President Abdel Fattah El-Sisi and the continued oversight of Prime Minister Dr. Mostafa Madbouly to advance sustainable urban development and support economic growth, the Commercial International Bank – Egypt (CIB) and the Ministry of Housing, Utilities and Urban Communities, represented by the New Urban Communities Authority (NUCA), have signed a cooperation protocol to expand access to mortgage finance for residential units offered by the Authority.
Under the agreement, CIB will provide mortgage loans to customers seeking to purchase NUCA-owned housing units. The initiative supports NUCA’s mandate to drive integrated and sustainable urban development, address long-standing urban challenges, and ensure a diversified stock of housing units across all income segments in Egypt’s new cities.
Signing Ceremony
The protocol was signed at the headquarters of the Ministry of Housing, Utilities and Urban Communities, in the presence of senior officials from both sides. Attendees included Minister of Housing, Utilities and Urban Communities Eng. Sherif El-Sherbiny, Deputy Minister for Real Estate and Commercial Affairs Eng. Ahmed Ali Hassan, Deputy Minister for Financial and Administrative Affairs Mohamed Ragai, Deputy Minister for Planning Affairs Eng. Ahmed Ibrahim, Assistant Deputy Minister for Financial and Administrative Affairs Akram Saad, Head of Contracts and Strategic Relations Dr. Ahmed Emara, and Ahmed Abdel-Razek, Office Supervisor to the Minister of Housing.
From CIB, attendees included Yasser Abdullah, Deputy CEO of Retail Banking, Ahmed El-Shafei, Head of Mortgage Finance and Sales Channels, Islam Seif El-Nasr, Senior Vice President of Corporate Relations, Shehab Kamal, Head of Mortgage Finance, Sandra Massaad, Vice President of Corporate Relations, and Mohamed Kamel, Head of Strategic Growth.
Government Statements
Minister Eng. Sherif El-Sherbiny emphasized the significance of coordinated efforts between state entities to revitalize Egypt’s mortgage finance market. He noted that the Ministry and NUCA continue to roll out a broad range of new projects and urban communities, while working closely with financial institutions to ensure accessible mortgage solutions that meet citizens’ needs.
El-Sherbiny highlighted that the cooperation offers citizens a genuine opportunity to own housing through affordable down payments and extended repayment periods of up to 20 years, ensuring monthly installments that suit a wide spectrum of income levels. He added that the initiative strengthens the value of real estate as a growing investment asset and supports national development plans that bolster the Egyptian economy and reinforce financial inclusion.
He further stressed that the Ministry is committed to advancing Egypt’s mortgage system in coordination with banks and mortgage finance companies to align with the goals of the New Republic in delivering adequate housing and integrated urban development. The Minister affirmed that partnering with leading financial institutions reflects strong confidence in NUCA’s projects and provides financing for ready-to-inhabit units with full infrastructure, allowing citizens to receive their homes immediately without construction-phase delays.
CIB Statements
Yasser Abdullah, Deputy CEO of Retail Banking at CIB, stated that given the scale of NUCA’s national projects and their role in improving the quality of life for Egyptian citizens, CIB is fully committed to supporting the real estate market’s evolving financing needs. He noted that the bank’s vision focuses on deepening cooperation with NUCA through this protocol to provide tailored financial solutions that advance the state’s long-term real estate strategy.
Ahmed El-Shafei, Head of Mortgage Finance and Sales Channels at CIB, underscored the importance of leveraging the banking sector’s expertise to support the state’s development plans. He explained that the latest regulatory updates in housing laws and guarantee registration procedures have broadened accessibility to mortgage finance across social segments. El-Shafei pointed to the successful collaboration between CIB and the Ministry’s Social Housing and Mortgage Finance Fund, which helped finance units for low- and middle-income households under the President’s initiative. The new cooperation will enable citizens to obtain competitively priced mortgage loans with repayment periods of up to 15 years.
Islam Seif El-Nasr, Senior Vice President of Corporate Relations at CIB, expressed pride in the strong and productive partnership with NUCA, highlighting that this collaboration reflects mutual trust and a strategic, long-standing relationship. He affirmed that the protocol supports national plans to develop new cities and deliver integrated financing solutions aligned with sustainability requirements. He also praised the continued coordination and teamwork between both sides, which contributes to achieving tangible and impactful results.
Future Objectives
The protocol’s long-term goals focus on strengthening strategic cooperation between CIB and NUCA, ensuring continuous development and refinement of joint initiatives to meet the evolving needs of citizens and the real estate market. Both parties confirmed their commitment to providing the most effective financing model that supports Egypt’s urban development agenda while expanding access to homeownership.