News

Housing and Development Bank signs a cooperation agreement with the Urban Development Fund

Iman Al-Wasili

Dr. Mostafa Madbouly, Prime Minister, witnessed the signing ceremony of a cooperation agreement between the Urban Development Fund and the Housing and Development Bank, regarding the reservation, allocation and completion of the contract for the sale of units in the urban development project for the provincial capitals And major cities in all governorates are “housing for all Egyptians.”

Eng. Khaled Seddik, Chairman of the Board of Directors of the Urban Development Fund, and Hassan Ghanem, Chairman and Managing Director of the Housing and Development Bank signed the signature.

The cooperation agreement comes within the framework of the state’s strategy to achieve urban development in all governorates, which contributes to raising the standard of living of citizens, and meeting the demands of various segments in providing suitable housing units for each segment. President Abdel Fattah Al-Sisi, President of the Republic, launched an initiative by For the urban development of the capitals of the governorates and major cities, he also directed the allocation of a number of lands for the benefit of the Urban Development Fund, and accordingly the Fund has already implemented

1,000 units of them as an urgent stage, out of a total of 500 A thousand units are to be built in the project according to the directives of the President of the Republic, and they are currently being completed The desired number will be completed.

The cooperation agreement aims for the Urban Development Fund to benefit from the expertise and capabilities of the Housing and Development Bank and the competence that qualifies it to undertake the process of reservation and privatization and to complete the contract for the sale of the units of the aforementioned initiative, after the approval of the Council of Ministers in its session On 20 July 2022 on the Fund’s contract with the Bank, in light of the technical and financial offer submitted by the Bank.

Under this agreement, the Housing and Development Bank, on behalf of the Urban Development Fund, undertakes the reservation, allotment and completion of the contract for the sale of units located in the urban development project to the capitals of the governorates and major cities in all the governorates in its various stages, through electronic reservation, and the collection of dues from the confiscators from reservation advances, installments, etc., As well as the completion by the bank of the contract on behalf of the fund with the units allocated to them, and their payment of the remaining payments due from the value of the unit in accordance with the allocation mechanism that is agreed upon between the two parties to the agreement, and according to the unit prices and specifications and the method of payment that is provided to the bank by the fund, with coordination between the two parties in Preparing and reviewing a draft brochure

Engineer Khaled Seddik, Chairman of the Board of Directors of the Urban Development Fund, explained that according to this agreement, the Fund is obligated to provide the Housing and Development Bank with the general plan for each project. A project separately, explaining the region and units to be announced for marketing, as well as the decisions to allocate the lands on which the units are located, in addition to providing the Bank with the plan to offer the project units for reservation, allotment and completion of the contract for the sale of units, the time periods and numbers of units in each stage, and this is before Starting reservations from the public for at least two months, while also providing him with the prices and payment system for the units offered for sale and their specifications, and a statement of the units offered for sale approved and clarified by the location, model, building number, unit, floor, area and final price of the unit according to its distinctiveness.

He added. Eng. Khaled Seddik said that the fund will also commit – according to the agreement – to deliver the units sold to buyers on the specified dates, complete with facilities and services for all project buildings, and in compliance with licenses, specifications, technical requirements and finishing level, and is also committed to paying dues. The bank must open an account with the bank to deposit all proceeds of serious reservation, advances, payments, installments, etc., in this account, in addition to signing sales contracts for the units sold in the project – as a seller party – who has the right to sign on behalf of the fund, and the fund has the right to cancel the allocation of any unit In the event that customers violate the terms, or submit incorrect data or documents, as well as the right to terminate the contract with the buyers in case they breach their contractual obligations.

On his part, Hassan Ghanem, Chairman and Managing Director of Tameer Bank expressed And Housing, expressed his happiness and appreciation for all the efforts made by the state to improve living opportunities and provide a decent life for all citizens in order to achieve sustainable development and the vision of Egypt.

He also thanked the Council of Ministers, as well as the Chairman of the Board of Directors of the Urban Development Fund, for their confidence in the efficiency and ability of the Housing and Development Bank, to organize and provide electronic reservation services, and to allocate owned housing units for the fund As well as collecting advances and installments and completing the contract for these units, due to his experience and leadership in the field of urban development for more than 40 years.

He also praised the role of the Development Fund and his efforts in developing urban areas, setting the necessary plans for planning them at the highest level, and providing facilities and services, to improve the standard of living of the Egyptian citizen, to ensure the “Decent Life” initiative, in accordance with the directives of President Abdel Fattah El-Sisi, President of the Republic.

Hassan Ghanem explained that in light of this agreement, the bank will be committed to providing reservation and allocation services and completing the contract for the sale of units, by providing an electronic reservation service for units to citizens on the bank’s reservation website, with the service of collecting payments under the account of units allocated to customers, in addition to the completion service. Contracting procedures and signing contracts from clients – as buyers – who are allocated units according to the sales contract models approved by the Fund, and the method of payment that will be provided to the Bank from the Fund, pointing out that the Bank will also be committed to the service of keeping contracting clients’ accounts and collecting installments for the benefit of the Fund, and providing telephone lines to answer for inquiries The project’s clients, with the implementation of all the instructions issued by the Fund regarding reservation, allocation and contracting for the sale of units, as well as instructions for reallocation.