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The National Bank of Egypt and Banque Misr grant a joint financing to the City Edge Real Estate Development Company, amounting to EGP 1.1 billion



The National Bank of Egypt and Banque Misr signed a financing contract with City Edge Real Estate Development Company, the national real estate developer, with the aim of granting a long-term joint financing amounting to 1.1 billion pounds, to finance part of the investment costs amounting to 2.2 billion pounds for the establishment of a commercial mall in the company Etapa Square project .

 

The National Bank of Egypt plays the role of the primary principal salary, coverage guarantor, marketer, financing agent, and Banque Misr as primary principal salary, underwriter, marketer and guarantee agent. Etapa Square is located in Sheikh Zayed City, 6th of October, on an area of ​​14 acres, in a distinguished strategic location, only a few minutes away from all the vital axes. It is a mixed-use project that includes various real estate units including administrative offices, a commercial mall, a medical center, a hotel, a family and commercial entertainment center.

 

 The signing, which was held at the headquarters of the National Bank of Egypt, was attended by Yahya Abul-Fotouh, Vice Chairman of the National Bank of Egypt, Akef Al-Maghrabi, Vice Chairman of Banque Misr, Sherif Riad, CEO of Corporate Banking and Syndicated Loans at the National Bank of Egypt, and by City Edge Real Estate Development, Dr. Mohamed El-Makkawi, CEO. The company and Hassan Nasr, head of the company's financial sector, in addition to members of the work teams from all parties.

 

After the signing, Yahya Abul-Fotouh stated that the financing contract amounting to 1.1 billion pounds comes as an extension of the real estate sector projects supported by the bank and which is in line with the bank's strategy in supporting economic sectors whose positive results are reflected in the national economy, such as the real estate sector, due to its association with a wide range of industries and activities as well as industries. The intermediary, which the bank is keen to finance to provide more job opportunities in various disciplines in a way that practically serves development plans, praising the role of trained cadres to conduct the necessary studies for such grants with high efficiency, as well as the fruitful cooperation on the part of the National Bank and Egypt, which resulted in the successful completion of the financing, and the role It is vital for the Egyptian banking sector in general to support the national economy.

 

After the signing, Akef Al-Maghribi confirmed that Banque Misr's participation in this financing is a continuation of its pioneering role in supporting the Egyptian economy, especially since the real estate sector is one of the most important sectors affecting the Egyptian economy, because it represents investment opportunities in various activities, whether direct or indirect. In line with the development plans, as the bank believes in the necessity of concerted efforts in order to achieve a recovery in the Egyptian real estate market, which is reflected in the advancement of all other economic sectors, directly or indirectly, stressing the vital role of Banque Misr in supporting all activities that contribute to creating a better life for the citizen. Al-Masry, where the bank is always keen to support the state’s plans to achieve comprehensive development, and to provide adequate housing for individuals with the aim of relieving all segments of society and improving their standard of living, through the various financing methods provided by the bank, whether for individuals through financing housing units, or for real estate developers, including It is commensurate with the needs of different segments, within the scope of the governorates or within the scope of new urban communities to reduce overpopulation, and Banque Misr is always keen to be an institution Pioneering banking to engage in initiatives and protocols that aim to provide services that suit the needs of all customer segments.

 

Dr. Mohamed El-Makkawi, CEO of City Edge Real Estate Development said, "We seek to expand the company's role as a national real estate developer by developing integrated projects and increasing the portfolio of lands that it owns. We have a vision to transform into a holding company by 2023, which calls for cooperation with more institutions with the aim of Enabling "City Edge" to achieve its vision and support the Egyptian economy. There is also great confidence that the company has succeeded in gaining over the past years, through the increasing demand for its projects and the great sales it has achieved in the various cities in which it operates.

 

Hassan Nasr, head of the financial sector at City Edge, expressed his happiness with the signing of this agreement, saying, "We aim to enhance the liquidity available to us through this financing in order to accelerate the construction processes and increase the speed of project delivery. Signing this agreement today is the culmination of fruitful cooperation between the company and two of the largest banks." Al-Masria - the National Bank of Egypt and Banque Misr - which led to the best financing methods for the Etapa Square project in Sheikh Zayed, and we look forward to further cooperation through other agreements for the company's projects in the near future.

 

Sherif Riad added that the financing period reaches 9.5 years, including the withdrawal period of up to 30 months, and that the total share of the National Bank of Egypt of financing is 550 million pounds of the total value of the financing granted to the project in partnership with Banque Misr, which amounts to 1.1 billion pounds, and the financing is paid. Over 7 years through 28 quarterly installments.

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