SODIC, CIB sign cooperation protocol for mortgage financing

CAIRO – 7 September 2021: Sixth of October Development and Investment "SODIC" signed a cooperation protocol with the Commercial International Bank (CIB), to provide mortgage finance programs.

The company stated Tuesday that the protocol includes providing various payment systems for the units that were delivered in accordance with the provisions and rules of the Egyptian Mortgage Finance Law, allowing the purchase of ready-to-delivery units available for sale in the various SODIC projects over a payment period of up to 20 years.

"This protocol comes within SODIC's efforts to meet the different needs of customers, including providing new and innovative financing solutions that facilitate the company's existing and new customers to make the decision to purchase their units,” Maged Sherif, Managing Director of SODIC, said.

For his part, Amr El-Ganainy, CEO of the institutional sector at CIB, said that the protocol will provide buyers with payment systems of up to 20 years as an alternative to the financing solutions available to them in the market, which is in line with the bank's strategy aimed at supporting the real estate market in particular, and contributing to the development of this sector generally.