Crédit Agricole Egypt, Rock Developments forge partnership to foster real estate investment
Egypt - Crédit Agricole Egypt and Rock Developments inked a cooperation agreement to introduce mortgage solutions, boosting growth in Egypt's property market, as per an emailed press release.
Through the partnership, Rock Developments clients will access the bank's long-term mortgage financing solutions, down payment of 20% and financing up to 80% of the unit's value, with payment terms up to 15 years.
The joint agreement aligns with the two entities' objectives to promote real estate investment by expanding financing options and ensuring secure investment opportunities.
Crédit Agricole Egypt, Rock Developments plan to support the projects that adhere to global standards and offer innovative solutions for sustainable development.
Nevine Shokry, Head of Proximity Banking of Crédit Agricole Egypt, stated: 'By combining our banking expertise with Rock Development's sustainable vision, we are supporting the growth of Egypt's real state while contributing to a greener, more inclusive future'.
Daniel Doss, Board Member of Rock Developments, noted: 'Residential units are available with a 20% down payment and financing up to 80% of the unit's value, with payment terms up to 15 years.'
'Meanwhile, commercial and administrative units come with a 25% down payment and financing of up to 75% of the unit's value for the same duration,' Doss added.
This collaboration is part of Crédit Agricole Egypt's strategy to provide its clients with diverse opportunities and facilities, in addition to offering flexible mortgage solutions that support their housing and investment plans.
It is worth highlighting that the EGX-listed lender signed an agreement with the European Bank for Reconstruction and Development (EBRD) for a $20 million loan.
The loan was secured for individuals and small businesses under the Green Economy Financing Facility (GEFF II), the second phase of Egypt's regional green economy financing program.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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