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In a strategic move highlighting the banking sector's growing role in driving national urban development plans and fostering financial inclusion, Industrial Development Bank (IDB) and the Urban Development Fund (UDF) signed a cooperation protocol to facilitate the sale of housing units under the Urban Development Project for Provincial Capitals and Major Cities. The agreement creates broader avenues for citizens looking to own units within the Fund's developments through tailored financing solutions in accordance with regulatory frameworks.

The protocol aligns with both entities' commitment to deepening integration between national institutions and the banking sector. By coupling urban development projects with accessible financing solutions, the partnership aims to broaden the beneficiary base, supporting national efforts to elevate living standards and ensure balanced development across provinces and major cities.

The protocol was signed by Mr. Hussein Refaie, CEO and Managing Director of Industrial Development Bank (IDB), and Eng. Khaled Seddeek, Chairman of the Urban Development Fund, in the presence of senior executives from both organizations.

Hussein Refaie: Our partnership with UDF extends the Bank’s commitment to driving development and serving citizens

Mr. Hussein Refaie, CEO and Managing Director of IDB, emphasized that signing this protocol marks a pivotal step in the Bank’s trajectory toward solidifying its position as an active financial partner in socio-economic development while delivering banking solutions tailored to evolving client needs.

Refaie noted that IDB continues to advance its strategy to transition into a full-service commercial bank. In doing so, it delivers integrated solutions for individuals, corporations, and SMEs, while maintaining its historical mandate of supporting the Egyptian economy and funding priority sectors.

He added that collaborating with the UDF stems from the Bank's core conviction that its role extends beyond conventional banking products to actively driving sustainable development, supporting citizens, and expanding access to financial services.

He further highlighted that providing financing solutions for prospective homeowners within UDF projects embodies the synergy between the banking sector and development entities. Refaie reiterated IDB’s commitment to engineering flexible, market-responsive solutions aligned with governing regulations. He concluded that the Bank will continue expanding its client base, diversifying its credit portfolio, and innovating products to adapt to market needs, reinforcing IDB’s position as a universal commercial bank centered on client satisfaction and national development.

Khaled Seddeek: Partnering with the banking sector enhances citizens' access to Fund projects

For his part, Eng. Khaled Seddeek, Chairman of the Urban Development Fund, stressed that partnering with IDB brings valuable momentum to the Fund’s efforts to strengthen ties with the financial sector and provide diverse financing channels for citizens seeking units in urban renewal developments.

He explained that the Fund operates under a comprehensive vision aimed at revitalizing existing cities and creating integrated urban communities, thereby elevating the quality of life and achieving sustainable urban development.

Seddeek noted that collaborating with banking institutions serves as a major pillar of the Fund’s strategy by facilitating appropriate end-user financing. This creates seamless integration between urban development and bank credit. He emphasized that the Fund's developments aim to deliver socio-economic impact far beyond shelter—stimulating real estate-related economic activity, generating employment, rejuvenating existing areas, and improving public service quality.

Industrial Development Bank (IDB): Banking Beyond Financing to Fuel Sustainable Growth

This protocol falls within IDB's broader corporate strategy to solidify its standing as a universal commercial bank and expand its portfolio of financial products across diverse market segments.

With a banking legacy dating back to 1947, IDB continues to execute a transformation strategy aimed at enhancing its business model, growing its loan and deposit portfolios, expanding its branch network and service touchpoints, accelerating digital transformation, and elevating the customer experience.

The Bank maintains that driving development remains an integral part of its institutional identity—combining its long-standing expertise in financing productive sectors with its current positioning as a provider of comprehensive financial solutions for retail, corporate, and SME clients.

Urban Development Fund: Urban Growth Aimed at Elevating Living Standards

The Urban Development Fund stands as a key national entity driving urban development, tasked with revitalizing provincial capitals and major cities through projects that upgrade urban landscapes and enhance quality of life.

At the forefront of these initiatives is the Provincial Capitals and Major Cities Development Project ("Daarah"). Phase One spans 13 provinces across 24 projects, with construction progressing rapidly. The Fund had previously announced plans to deliver hundreds of thousands of residential units, underscoring the vital role banking partnerships play in scaling accessibility to these projects.

A Synergistic Alliance Connecting Finance and Development

The protocol outlines the operational framework between IDB and UDF regarding the sale of units across provincial capitals and major cities, establishing mutual responsibilities and workflows to guarantee seamless coordination.

The partnership reflects a shared vision that bridges urban development with banking finance, expanding the beneficiary base, driving homeownership, and stimulating economic activity across the real estate value chain—in lockstep with Egypt's overarching goals for sustainable urban, economic, and social development.