City Edge signs a mortgage funding protocol with Suez Canal Bank

City Edge Developments signed a cooperation protocol with Suez Canal bank with the aim of providing the best mortgage finance plans to its customers in line with the Central Bank of Egypt's initiative which encourages local banks to extend more customer-oriented credit facilities.

Attendees to the signing ceremony included chairman and chief executive of City Edge Developments Ashraf Salman and Mohmed Mekawy respectively.

Also among the attendees were Chairman and Managing Director of Suez Canal Bank Hussein Refaa, City Edge's financial manager Hasan Nasr, General Manager of Retail Banking Division at Suez Canal Bank Eman El-Badrawi.

Ashraf Salman, chairman of City Edge Developments, lauded the cooperation protocol signed with Egypt's Suez Canal Bank.

Salman, also, noted that City Edge Developments is desirous to collaborate with more financial institutions so as to carry out its own vision for the Egyptian real estate market and the Egyptian economy in general.

On the other hand, Hussein Refaai, chairman and managing director of Suez Canal Bank said the City Edge Development is one of Egypt's most experienced real estate developers. The developers can, therefore, execute the bank's strategic vision for mortgage financing in line with CBE's initiative.

" We seek to provide repayment schemes and credit facilities for clients of City Edge Developments so as to make them well positioned to get remarkable real estate products without having to exert too much effort," said he.

The signed protocol encompasses three repayment schemes for clients of City Edge Developments.

The first scheme provides a mortgage financing with a 20-year repayment period and 20% advance payment.

The second scheme provides mortgage financing with varied repayment periods with a maximum of ten years, for housing units not covered by the Central Bank of Egypt's respective initative in accordance to the Mortgage Finance Law.

A third repayment scheme provides varied repayment periods with a maximum of 10 years, for clients who have prior contracts and those who sell their housing units to others under the Resale Scheme.

City Edge Developments is developing, managing and marketing a number of real estate projects in Sheikh Zayed and New Alaimen City and New Almansoura City, along witha plethora of residential, commercial and administrative projects in the New Administrative Capital.