Banque Misr and Beta Egypt Ink Mortgage Finance Deal


Beta Egypt for Urban Development has signed a cooperation protocol with Banque Misr to provide real estate financing services to its clients at an 8 percent interest rate as part of the Central Bank of Egypt's (CBE) initiative to provide real estate financing for middle-income homebuyers.

The deal will support the state's goals by pushing the real estate financing system forward, said Alaa Fikry, chairman of Beta Egypt, in a statement released by the company.

It allows Beta Egypt's clients in the October Gardens project to obtain real estate financing of up to 80 percent of the unit price for up to 20 years, Fikry added.

The company is known for the 2015 development Beta Greens in 6 October City, which covers 20.75 acres, in addition to Beta Green New Cairo from 2017, located on a plot of 50.5 acres.