Egypt’s second-largest state bank, Banque Misr is lead arranger for a 2.54 billion Egyptian pound ($162.3 million) syndicated long-term loan to partially finance the development and construction of a major property project led by business tycoon Naguib Sawiris.
Banque Misr along with a banking consortium consisting of Emirates NBD, Export Development Bank (EDBE), and Housing and Development Bank (HDB) have signed on Tuesday the loan agreement with real estate developer Ora Developers Egypt, part of Sawiris-led Ora Developers.
The loan has tenor of eight years and is designed for partially financing the development and construction of Ora’s ZED West Project Phase I and II in the Cairo suburb of Sheikh Zayed City.
ZED El Sheikh Zayed’s project is a mixed-use development, which comprises of six phases with more than 4,500 fully finished residential units, as well as commercial, and administrative units.
“This loan agreement with some of Egypt’s most significant banks will help us at Ora Developers expand the ZED El Sheikh Zayed project and guarantee to all clients that we will deliver our promises to them.” Sawiris, Global CEO of Ora Developers Group, said in a company statement.
The signing ceremony was attended by representatives from each of the lending banks including Mohamed Eletreby, Banque Misr chairman; Mervat Sultan, EDBE chairperson; Hassan Ghanem, HDB chairman; and Amr Azab, Emirates NBD Head of Corporate Banking, along with Sawiris and Haitham Abdelazim, Ora Egypt’s CEO.
“Ora Developers aims to constantly develop sustainable, luxurious and practical neighborhoods, and I believe that we will remain resilient during these difficult times and achieve this goal of delivering innovative and trustworthy developmental projects to the Egyptian market.” Sawiris added.
Earlier, Ora Developers signed an agreement in May with Orascom Construction for the construction of the first part of ZED El Sheikh Zayed Phase I.
In September, Ora signed two partnership agreements with Rowad Modern Engineering and Redcon Construction for the construction of the second part of ZED El Sheikh Zayed Phase I.
Another group photo of representatives from Banque Misr, Export Development Bank, Housing & Development Bank, and Emirates NBD along with Ora Developers Group and Ora Egypt
