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The Industrial Development Bank (IDB) has signed a cooperation protocol with the Social Housing and Mortgage Finance Fund as part of strengthening collaboration with the banking sector to provide affordable financing solutions for low- and middle-income citizens, in accordance with the mortgage finance initiatives issued by the Central Bank of Egypt.

The protocol was signed by Ms. Mai Abdelhamid, Chief Executive Officer of the Social Housing and Mortgage Finance Fund, and Mr. Hussein Refaie, Chief Executive Officer and Managing Director of the Industrial Development Bank.

The signing ceremony was attended, from the Fund’s side, by Ms. Hala Ghazy, Deputy CEO of the Social Housing and Mortgage Finance Fund, and Ms. Omnia El-Maaddawy, General Manager of the General Support Department. From the Industrial Development Bank, attendees included Mr. Ibrahim Saadallah, Head of Branches and Retail Banking Sector, along with a number of senior bank officials.

Ms. Mai Abdelhamid stated that the Social Housing and Mortgage Finance Fund is continuously working to enhance cooperation with banks and mortgage finance companies, in a way that positively reflects on low- and middle-income citizens seeking to obtain housing units under the various housing offerings launched by the Fund. She noted the Fund’s clear intention to strengthen cooperation with the Industrial Development Bank, contributing to activating and expanding mortgage finance activities, particularly in light of the EGP 4 billion in mortgage financing provided under the protocol for beneficiary citizens.

She emphasized that this cooperation aims to offer diverse financing options under concessional terms, supporting the State’s efforts to enable citizens to own their first home and enhancing the sustainability of social housing programs.

For his part, Mr. Hussein Refaie explained that the cooperation protocol reflects the Industrial Development Bank’s commitment to supporting the mortgage finance system and actively participating in initiatives launched by the Central Bank of Egypt to support low- and middle-income segments. He affirmed the Bank’s keenness to provide the necessary financing facilities in accordance with best banking practices, ensuring the success of the cooperation and maximizing benefits for citizens.

He added that the Bank places special emphasis on participating in national initiatives aimed at achieving social stability and improving living standards, noting that this protocol represents an important step in strengthening the Bank’s role in supporting sustainable development.

At the conclusion of the meeting, both parties expressed their satisfaction with signing the cooperation protocol and affirmed their desire to expand the scope of partnership in the coming period, in a manner that meets citizens’ needs and enhances cooperation between the Fund and the Bank in the field of mortgage finance.

The Industrial Development Bank’s (IDB) contributions to mortgage finance activities amounted to approximately EGP 2 billion by the end of December 2025, placing the Bank among the top ten banks participating in mortgage finance initiatives, reflecting its active role in supporting the State’s efforts to achieve social and economic development.