The National Bank of Egypt (NBE) has recently partnered with the Urban Development Fund to advance sustainable urban development. This collaboration aims to provide mortgage financing for housing units offered through the Fund’s projects, specifically targeting provincial capitals. The ultimate goal is to make homeownership accessible to citizens across various income levels.

Yehia Abou El-Fotouh, Vice Chairperson of NBE, emphasized the bank’s commitment to providing suitable housing for all citizens through this collaboration. Aligned with the political leadership’s directives, the project focuses on offering distinguished housing units within existing cities and enhancing daily services for citizens. NBE aims to contribute significantly to sustainable urban development in Egypt by providing innovative financing solutions with competitive interest rates and flexible terms.

Abou El-Fotouh added that this collaboration with the Urban Development Fund extends the bank’s support for the real estate sector, which aligns with NBE’s strategy of supporting economic sectors that positively impact the national economy. The real estate sector, being linked to a large number of industries and activities as well as intermediary industries, is a focus for the bank, which aims to finance these to create more job opportunities across various specializations, thus practically serving development plans.

Khaled Mohamed Seddik, Chairperson of the Urban Development Fund, noted that this collaboration significantly increases the opportunities for various segments of the population to obtain suitable housing units. It enables them to own affordable homes, fulfilling our shared objectives in urban development and improving citizens’ living standards. The Fund offers fully finished housing units through its provincial capitals and major city development projects.

Karim Soos, CEO of Retail Banking and Branches at NBE, explained that the protocol will allow individuals, especially young people, to obtain suitable housing units with flexible terms through the Central Bank’s mortgage financing initiative. The bank offers various mortgage financing programs that suit different societal segments under the initiative’s terms and rates.

In another development, the National Bank of Egypt announced the availability of instant electronic transfers from abroad to customer accounts in the Egyptian banking system. This service is available 24/7, including official holidays, through the bank’s network of agents and correspondents.

Abou El-Fotouh mentioned that this new service continues the bank’s leadership in providing the best and fastest banking services to all banking system customers both inside and outside Egypt. It supports banking awareness, and digital transformation, and promotes a less cash-dependent society, reinforcing the financial inclusion strategy and believing in its strategic role in growing the Egyptian economy.

He added that the introduction of the instant incoming transfer service aims to expand the provision of fast, secure, and competitively priced incoming transfer services. He pointed out that incoming transfers play a significant role, not only in the national economy but also in revitalising the global economy. This is achieved by providing essential services to customers abroad around the world, making them a crucial driver of economic growth due to their fundamental and effective role in connecting customers, empowering communities, and expanding financial resources globally.

Soos highlighted that this service reflects the bank’s ongoing efforts to offer multiple methods for incoming electronic transfers and increase foreign cash flow through incoming transfers. This service enables receiving transfers through the bank’s network of correspondents, such as Al Rajhi Bank, Al Ahli Bank of Saudi Arabia, Bank Albilad in Saudi Arabia, Al Ansari Exchange, and Al Fardan Exchange in the UAE, Al Mulla Exchange and Al Muzaini Exchange in Kuwait, among others. These transfers can be sent to NBE for distribution to a wide range of bank customers or non-customers.

He emphasised that the new service enhances the experience of NBE customers, providing them with lower costs compared to similar market offerings while addressing any previous issues hindering incoming transfers. Additionally, the service offers multiple money transfer methods beyond traditional channels to meet the needs of all segments of society both inside and outside Egypt.

Ingy Harraz, General Manager of Digital Banking Services at NBE, explained that customers can add incoming electronic transfers from abroad in local currency to any bank account, bank card, or electronic wallet for customers of local banks participating in the instant payments network. The new service also offers the best applicable rates and real-time transfer tracking services through the bank’s website.

She added that this service provides the same benefits to NBE customers, including the ability to withdraw these transfers through ATMs of local banks at any time around the clock, and extends the same benefits to all electronic wallets.