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Banque Misr Signs Lending Contract in Favor of the Arab Company for Projects and Urban Development Valued EGP 800 Million
Banque Misr signed a six-year financing contract in favor of the Arab Company for Projects and Urban Development Valued EGP 800 Million on Wednesday, 11th August 2021. Mr. Mohamed Khairat – Head of Corporate Credit and Syndicated Loans at Banque Misr – signed the contract with Mr. Ahmed Tarek Osman Ahmed Shoukry – Chairman of Arab Company for Projects and Urban Development – and Mr. Mohamed Ibrahim Elsayed Omar – Company CEO – in the attendance of Mr. Amr Diab – Vice Chairman of the Board of Arab Company for Projects and Urban Development – and a number of executives representing both parties. The loan will be utilized for financing the first and second phases of Sun Capital project, which is located in Sixth of October City and occupies an area of 557 acres, being situated in close proximity of the new Pyramids gateway overlooking Cairo-Fayoum Road and which the company is developing for sale purposes.
Following the signature, Mr. Mohamed Khairat reiterated Banque Misr’s keenness on providing the necessary financing for the company, in light of its strive towards driving the development of the Egyptian real estate market, owing to this sector being one of the most influential and impactful on the national economy.
Mr. Ahmed Tarek stated that the financing contract supports the journey of urban development in Egypt and complements the construction movement – spearheaded by the company – towards achieving rapid construction and project completion.
The financing afforded to Sun Capital project complements Banque Misr’s role in supporting the Egyptian economy, especially since real estate constitutes one of the more prominent and influential sectors, owing to its provisioning of investment opportunities in various activities – directly and indirectly that are aligned with national development plans. The sector is also interconnected to a diverse range of industries – including intermediate industries in all disciplines. Banque Misr further believes in sparing no effort towards revitalizing the Egyptian real estate market, which directly and indirectly reflects on boosting all other economic sectors; and thus plays a pivotal role in supporting all activities that contribute to creating a better life for Egyptian citizens.
The Bank has consistently supported state efforts seeking to attain comprehensive development, provide suitable housing and upgrade standards of living by offering various financing channels; either to individuals through financing residential units or to property developers as suited to the needs of various social sectors. This is within governorates or cities of the new urban communities.
Banque Misr seeks to enhance its distinguished services and to maintain its long-term success by offering services that meet the requirements of its customers, since the values and strategies of the Bank underscore its commitment to attain sustainable development and prosperity for Egypt. Moreover and owing to it being a leading banking institution, Banque Misr keenly partakes in initiatives and protocols that suit the needs of various social segments.