Crédit Agricole Egypt partners with Rock Developments to introduce mortgage solutions
This agreement will allow Rock Developments clients to have access to 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 cooperation agreement was signed by Ms. Nevine Shokry, Head of Proximity Banking of Crédit Agricole Egypt and Eng. Daniel Doss, Board Member of Rock Developments, along with the presence of several representatives from both entities.
Ms. Nevine Shokry, Head of Proximity Banking of Crédit Agricole Egypt stated 'We are delighted to partner with Rock Developments to offer long term mortgage solutions that empower more Egyptians to own their homes. This collaboration highlights Crédit Agricole Egypt's customer centricity approach, delivering innovative, accessible and sustainable financial solutions that are tailored to our clients evolving needs. By combining our banking expertise with Rock Development sustainable vision, we are supporting the growth of Egypt real state while contributing to a greener, more inclusive future".
Eng. Daniel Doss, Board Member of Rock Developments emphasized that 'This agreement offers exclusive financing solutions for the company's clients through mortgage solutions. 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'.
Eng. Doss affirmed that Rock Developments is committed to innovation, offering diverse strategies to serve its clients by delivering projects that align with their aspirations while providing advantages that support their purchasing decisions.
He added that 'Collaborating with Crédit Agricole Egypt, a partnership that emphasizes sustainability, represents a key milestone in our journey towards responsible growth'
Rock Developments is a leading real estate company with over 40 years of experience. Its projects span across Greater Cairo, Egypt, offering residential, commercial, and administrative projects, as well as several commercial projects in Canada. Rock developments will launch a sustainable certification project located in the New Capital City.
Crédit Agricole Egypt and Rock Developments are committed to boosting real estate investment by expanding financing options and ensuring secure investment opportunities. Their mission is to foster growth in Egypt's dynamic property market by supporting projects built to global standards and introducing innovative solutions for sustainable development, safeguarding the environment for future generations.
This collaboration is part of Crédit Agricole Egypt's strategy, which aims to provide diverse opportunities and facilities for its clients, with a focus on offering flexible mortgage solutions that support their housing and investment plans. It reflects the bank's role in supporting the Egyptian economy, enhancing financial inclusion, and contributing to sustainable development.
It is worth mentioning that Crédit Agricole Egypt has signed an agreement with the European Bank for Reconstruction and Development (EBRD) for a loan worth USD 20 million to lend to individuals and small businesses under the Green Economy Financing Facility (GEFF II), the second phase of Egypt's regional green economy financing program.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
2 days ago
- See - Sada Elbalad
Egypt's Gold Jewelry Purchases Drop 17% in Q2 2025
Waleed Farouk Egyptian demand for gold jewelry saw a notable decline in the second quarter of 2025, falling by 17% compared to the same period last year, according to a report released Thursday by the World Gold Council. The report stated that Egyptians purchased approximately 5.7 tonnes of gold jewelry in Q2 2025, down from 6.8 tonnes in Q2 2024, and lower than the 6.4 tonnes recorded in the first quarter of this year. Saeed Imbaby, Executive Director of the "iSagha" platform, attributed the drop to a surge in resale activity as individuals capitalized on high gold prices to lock in profits. Speaking to the 'Ayar 24' news outlet, Imbaby explained that the record-breaking global gold prices, coupled with the local exchange rate surpassing 50 Egyptian pounds per US dollar, contributed to weakened consumer demand. He noted that gold purchases in Egypt have become more necessity-driven — such as for weddings — or come from investors shifting away from sectors like real estate. These investors aim to temporarily preserve capital in gold, intending to sell within six to twelve months. This domestic decline comes in contrast with the broader global trend. The World Gold Council reported an increase in global demand for gold in Q2 2025, driven by strong investment demand, despite a drop in central bank purchases. According to the report, total global demand for gold — including over-the-counter (OTC) trading — reached 1,248.8 tonnes during the second quarter, marking a 3% year-on-year increase. Investment demand surged by 78%, supporting the overall growth. Conversely, central bank gold purchases declined significantly, totaling 166.5 tonnes in Q2 — about one-third less than in Q1. This pushed total central bank acquisitions in the first half of the year to their lowest level since 2022. Jewelry consumption globally also declined by 14%, falling to 341.0 tonnes — the lowest level since Q3 2020. Commenting on these developments, John Reade, Chief Market Strategist at the World Gold Council, said that rapid price increases reduced the incentive for some central banks to continue buying. He added that the sharp gains raised concerns among investors about potential future price corrections, which in turn dampened demand. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Egypt Independent
2 days ago
- Egypt Independent
dollar hits 9-month low against local currency
The US dollar has fallen to its lowest level in Egypt in nine months, reaching LE 48.75 for buying and LE48.85 for selling per dollar. Bankers attribute this continued decline of the dollar against the Egyptian pound to an increased supply of foreign currency during the summer season, outstripping demand, especially following the unification of the exchange rate market. Typically, during the summer months of July, August, and September, foreign currency inflows rebound significantly. This is largely due to the start of the Gulf tourism season and the return of Egyptian expatriates for their family vacations, which boosts foreign currency receipts. Remittances from Egyptian expatriates represent the second-largest official source of foreign currency after export revenues. The increased circulation of foreign currency in banks and exchange offices further strengthens the pound against the dollar. According to Central Bank data, remittances from Egyptians working abroad jumped by 69.6 percent during the first 11 months of the 2024-2025 fiscal year, reaching $32.8 billion. Furthermore, the Central Bank's maintenance of a stable exchange rate for the pound has strongly encouraged foreign investors to return to the local currency. They are selling dollars and buying pounds to capitalize on the high returns. The banks' ability to provide dollars to foreign investors when they wish to transfer a portion of their treasury bill investments out of Egypt has also significantly boosted confidence and encouraged their renewed participation. Economist and energy markets expert, Wafaa Ali, stated to RT that there is little doubt the current scenario indicates the Egyptian pound is moving beyond conflicting interests and experiencing a recovery not seen in eight months. The Egyptian pound has broken free from the pressures exerted by geopolitical tensions and their impact on the economic agenda. It has maintained exchange rate flexibility, and foreign exchange systems have been freed from 'mutations' to avoid the accumulation of external imbalances, bringing the Egyptian pound back into the spotlight. Ali elaborated that the increase in foreign currency reserves, which signifies the economic state and provides definitive proof of recovery, is driven by several factors. These include increased investment flows, remittances from Egyptians abroad, robust tourism revenues, and a revival in real estate purchases by Gulf citizens. Additionally, the downward trend in inflation over the past month has positively impacted the exchange rate, causing it to drop by 15-18 piasters within 24 hours, pushing it below the LE50 mark per dollar. She added: 'Based on the foregoing, the Central Bank's flexible policy, cash flows, and the growth of the banking sector's foreign assets—which have turned from negative to a net positive of approximately $14 billion—have improved tourism revenues and non-oil exports. It is worth noting that the current level of the currency allows Egypt to capitalize on investment opportunities in the upcoming phase, which moves the Egyptian pound away from the target of futures contracts and allows it to continue its gradual improvement.' Economist Mohamed Anis, speaking to RT, attributes the Egyptian pound's appreciation against the dollar to several factors. First, he noted the calm in geo-strategic risks, citing the frozen Gaza conflict that hasn't escalated into a regional war, and the contained Iranian-Israeli conflict, preventing an impact on the prices of Egypt's major foreign imports like petroleum derivatives and wheat. Secondly, Anis highlighted the surge in dollar inflows into the Egyptian market. He explained that the Egyptian pound's interest rate remains high at 25 percent, compared to an inflation rate of around 15 percent. This creates a significant real interest rate of approximately nine percent, attracting indirect investments into Egyptian government bonds. Third, he referred to the increase in natural dollar inflows, such as remittances from Egyptians abroad, tourism revenues, and exports. These combined factors have led to a relative and temporary rise in the pound's value against the dollar. Anis concluded by stating that the fair exchange rate for the pound against the dollar should be between LE49 and LE52 by the end of 2025.
Al-Ahram Weekly
4 days ago
- Al-Ahram Weekly
Remittances up, dollar down: EGP finds support amid uncertain global outlook - Economy
The Egyptian pound has continued to strengthen modestly against the US dollar, with the official exchange rate falling below EGP 49 for the first time since late October 2024, nearly nine months ago. As of Monday, the Central Bank of Egypt (CBE) listed the dollar at EGP 48.6 for buying and EGP 48.7 for selling, down from EGP 49.0 and EGP 49.1, respectively, at the close of trading last Thursday. Every month, the dollar has depreciated against the pound by roughly 1.7 percent. Year-on-year, however, it remains up by around 0.7 percent, according to Ahram Online calculations based on the greenback rate from a range of public and private banks. 'The recent appreciation of the Egyptian pound against the US dollar signals a modest rebalancing in the foreign exchange market,' banking expert Hani Abou El-Fotouh told Ahram Online. 'This has been driven by local improvements, including a narrowing of the gap between official and parallel market rates, increased access to foreign currency through formal channels, and stronger FX inflows from debt instruments and anticipated investments.' Abou El-Fotouh noted that remittance flows have shown a mild recovery, while import controls remain disciplined, helping to reduce pressure on foreign currency demand. Remittances from Egyptians abroad have maintained the sharp rise recorded between July 2024 and May 2025, reaching $32.8 billion — a 69.6 per cent increase year-on-year — according to the latest figures from the CBE. 'However, in my view, this trend is fragile unless supported by deeper structural reforms, particularly those that boost exports and expand domestic production capacity. On the global level, the dollar remains resilient, supported by robust US data and expectations of prolonged high interest rates. Relying solely on short-term inflows or administrative measures is unsustainable. Achieving genuine currency stability requires addressing underlying economic imbalances, especially in the context of a tightening global monetary environment,' he warned. A recent report by US investment bank Goldman Sachs echoed that caution, suggesting that the Egyptian pound remains undervalued by around 30 percent relative to its fair value. The bank said there is room for further appreciation, particularly if portfolio inflows continue and key monetary indicators improve. The report highlighted that the pound has held steady since its devaluation in March 2024, with the convergence of official and parallel market rates signalling growing investor confidence in Egypt's exchange rate policy, despite ongoing geopolitical challenges in the region. Goldman Sachs also pointed to anchored expectations and low volatility, with the official exchange rate fluctuating within a narrow band since the beginning of the year. On the fundamentals front, it cited a rebound in Egypt's foreign reserves and a reversal in the banking sector's net foreign asset position, which swung from a $17.6 billion deficit at the start of 2023 to a $4.8 billion surplus by May 2025. Meanwhile, an International Monetary Fund (IMF) mission is scheduled to visit Egypt in September to conduct the fifth and sixth reviews of the country's $8 billion Extended Fund Facility (EFF) loan programme. Both reviews are expected to be completed by December. The mission will also begin discussions for the first review of Egypt's $1.3 billion Resilience and Sustainability Facility (RSF) loan programme, which is likewise expected to conclude before the end of the year. Completion of all three reviews would make Egypt eligible to receive a combined disbursement of over $2.4 billion. Follow us on: Facebook Instagram Whatsapp Short link:
