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Officials after signing the protocol

Bank NXT signs cooperation protocol with Egypt’s UDF

22-11-2024

Bank NXT, a leading provider of integrated retail, corporate, and Islamic banking solutions in Egypt, has signed a cooperation protocol with the Urban Development Fund (UDF), an Egyptian economic public authority.

The protocol aims to provide mortgage financing to individuals from different income brackets who wish to purchase units owned by the Urban Development Fund in various governorates.

The protocol was signed by Tamer Seif, CEO and MD of Bank NXT representing Bank NXT, and Engineer Khaled Seddik, Chairman of the Urban Development Fund, in the presence of senior leaders from both entities.

Real estate financing initiatives

This collaboration coincides with Bank NXT’s endeavours to align with the Central Bank of Egypt’s real estate financing initiatives for mid-income individuals and individuals from different income brackets while offering free-market financing options to meet diverse customer needs. The protocol aims to provide long-term financing solutions with flexible terms and competitive interest rates, supporting the Fund’s initiatives to offer accessible housing solutions. The initiative will provide customers with loans up to EGP15 million ($301,652).

Seif said: “Bank NXT is committed to driving sustainable development through innovative financial solutions. This cooperation with UDF reflects our unwavering dedication to advancing financial inclusion initiatives that help make homeownership more accessible to a broader population segment. By offering financing solutions that empower customers of different income segments to own housing units, we aspire to help improve their quality of life while contributing to the growth of Egypt’s real estate sector and overall economy.”

Seddik said this protocol will support the real estate sector and achieve sustainable economic growth. He stressed the Fund's keenness to provide more real estate units in various Republic governorates to achieve comprehensive and sustainable development. Seddik affirmed that the fund offers fully finished housing units through urban development projects in governorate capitals and major cities, making suitable housing available at affordable prices in prime locations within major cities.

Financing portfolio

Bank NXT’s real estate financing portfolio reached EGP1.5 billion during 3Q2024, serving 8,732 customers and achieving a 72% growth year over year. 80.86% of the portfolio targeted low-income customers, while 19.14% targeted middle-income customers.

“Bank NXT is not just an entity that focuses on empowering clients’ financial futures but also has a vision regarding urban development. This initiative, along with many others, is aligned with the New Urban Agenda and the Sustainable Development Goals (SDGs) principles, reflecting the bank’s commitment to fostering sustainable urban development. This partnership will accelerate the development of urban projects and ensure more Egyptians can benefit from sustainable, modern housing solutions in critical areas across the country,” added Seif.--TradeArabia News Service