Banque Misr arranged a long-term loan of EGP 1.5 billion to finance part of the investment cost of the Damietta City Furniture project in coordination with NA Capital Holding, the financial advisor of Damietta City Company. The project aims to establish an integrated city for the furniture industry in Damietta Governorate, over an area of 331 acres, incorporating all related crafts, small industries, medium industries and complementary industries, at an investment cost of EGP 3.08 billion, according to a statement issued by Banque Misr today, Tuesday. The "Damietta Furniture City Project" is considered one of the national projects in Egypt that the state attaches great importance to, due to its anticipated role in providing substantial opportunities for Egyptian manufacturers and small and medium industries to penetrate global markets and develop Egyptian talent in the furniture industry.
Mr. Akef El Maghrabi - Deputy Chairman of the Board of Directors of Banque Misr - emphasized the Bank's keenness on providing the necessary funds for major national projects in a way that enhances the state's capacity to achieve increased local production. Arranging this loan asserts the leading role of Banque Misr in effectively partaking in the country's economic and industrial development; by backing the local national economy and small and medium industries to advance and support the Egyptian economy in various fields. This is in line with the state's plan to attract investments for developing local industry and increasing exports.
Within the framework of Banque Misr's leadership in the field of financing joint projects and loans, the Bank will market a portion of the financing so that a number of banks operating in the Egyptian banking sector are able to partake in the process, complementing the multiple successes achieved by the Bank in financing operations that support the national economy, in collaboration with local and international banks and financial institutions. As such, Banque Misr continues to lead at the level of banks in Egypt as well as maintain its advanced position across the Middle East and Africa for the past six years in the field of marketing, management and arrangement of joint loans and project financing, as per the assessment of Bloomberg International.
On his part, Mr. Osama Saleh - Chairman of Damietta City Furniture Company - stated that, "Damietta City Furniture Project is an integrated national development project. Damietta City Furniture was established in 2016 and its paid-up capital is currently EGP 1.3 billion. The aim is to establish an integrated furniture city that incorporates manufacturers and specialists in this field, making it an important center for attracting local and foreign investments in this vital sector and supporting Egyptian exports to global markets. The project comprises 1,400 workshops for small manufacturers and industrial lands at a total area of 590 thousand square meters; allowing the establishment of more than 200 large factories. This is in addition to the largest commercial center specialized in furniture; along with service centers, two hotels, a conference center, an academy for furniture industry and training and a hospital.
Mr. Saleh added that this project is anticipated to double Egypt's exports of furniture by some three to four-fold and is expected to provide approximately 100 thousand direct and indirect job opportunities.
Mr. Mohamed Metwally - Managing Director and CEO of NA Capital Holding – stated, "We are proud of our role as the financial advisor to Damietta City Furniture Company in arranging this loan to accommodate the cost of building the infrastructure and workshops in the city; and thus fulfilling the goals for which the company was established, within the framework of the state's efforts to support the furniture industry in the governorate and create job opportunities for the people of Damietta."
Worth noting is that Banque Misr has obtained numerous global rankings and accolades asserting its outstanding performance and robust financial results, which is a continuation of the aggressive marketing plan pursued by the Bank to attract new financing clients and operations, as well as its commitment to implement strategic and development goals that support the national economy in various fields and sectors. As such, Banque Misr ranked first in the Egyptian banking market in arranging and marketing joint loans for 2019, according to Bloomberg, which is specialized in the field of finance and banks. This comes in recognition of the Bank's closure of 13 joint financing deals at a total value of some EGP 22.725 billion, in which the Bank assumed the role of principal arranger; and completing 12 financing deals at a total value of around EGP 26.275 billion, in which it was the financial marketer - from the total financing operations performed by the largest 20 banks in Africa. Bloomberg International had announced – and according to the list of joint loans for the year 2019 – that Banque Misr ranked fifth as the best financing marketer and sixth as principal arranger of joint loans across the African continent, among other international banks on the list. The Bank also ranked fifteenth as the best financing marketer for the Middle East and North Africa.
