An alliance of banks working in the Egyptian market have signed a medium-term syndicated loan amounting to EGP 650m for Misr Italia Properties.
The alliance includes the National Bank of Egypt (NBE) as an agent and primary bookrunner, alongside the Egyptian Gulf Bank (EG Bank) and the Arab Investment Bank (AIB).
NBE Chairperson Hisham Okasha said the joint loan’s arrangement reflects the participating banks’ support for the real estate sector. This is especially as the state maintains an interest in developing this sector and its endeavour to increase investment volumes in it.
The loan arrangement also looks to raise infrastructural efficiency to meet the requirements of companies looking to seize investment opportunities in Egypt. This indicates the importance of the real estate sector as it tends to have many other economic activities and complimentary services linked to it.
These include the construction, contracting, and building materials sectors, which contribute to increasing national output and creating new job opportunities.
Mohamed Khaled El-Assal, CEO and Managing Director of Misr Italia Properties, said the loan contract finances the investment costs related to the construction of the Cairo Business Park project in New Cairo.
The project includes a business and services area of 42 administrative, commercial, and service buildings. This is in addition to a four-star hotel with a capacity of 144 hotel rooms, which will be managed by Hilton Hotels and Resorts.
