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At a Joint Financing of EGP 2.5 Billion… Banque Misr and the National Bank of Egypt Sign a Syndicated Loan Contract in Favor of a Palm Hills Subsidiary
A banking alliance comprising Banque Misr - as lead arranger, financing marketer, financing agent and account bank – and the National Bank of Egypt – as lead arranger, financing marketer, guarantee agent and debt-servicing account bank – succeeded in issuing a long-term syndicated loan in favor of Palm Investment and Development Company, which is a subsidiary of Palm Hills Development, valued EGP 2.5 billion.
The signing was attended by Mr. Akef El-Maghraby – Vice Chairman of Banque Misr, Mr. Yehia Aboul Fotouh – Deputy Chairman of the Board of NBE, Mr. Tarek El Tantawy and Mr. Hazem Badran – Executive Directors and members of the Board of Palm Hills Development, together with the teams from both Banks and the company.
Mr. Akef El-Maghraby commended the effective collaboration of the two Banks, which resulted in successfully arranging this joint financing and the pivotal role played by the Egyptian banking sector in supporting the national economy. He reiterated that Banque Misr’s participation complements its leading role in supporting the Egyptian economy, especially since real estate is considered one of the most impactful sectors, contributing momentously to implementing the state’s sustainable development plans, by constructing comprehensive urban communities in new cities. He emphasized that Banque Misr believes in the importance of synergized efforts for supporting state plans seeking to achieve sustainable development, while also striving to support all activities that contribute to improving the lives and livelihoods of Egyptian citizens. These include providing suitable housing to all social segments and offering various financing options to individuals – whether for financing the housing units via real estate financing loans or the initiative of the Central Bank of Egypt for persons with limited and mid-level income. This is in addition to providing the required financing to real estate developers both within governorates and new urban communities to alleviate congestion.
Following the signature, Mr. Yehia Aboul Fotouh stated that NBE attaches special significance to supporting real estate development companies and property developers, adding that the financing contract – valued EGP 2.5 billion – comes as an extension to various real estate sector projects endorsed by the Bank and in line with the strategy of promoting economic sectors, reflecting positively on the national economy. He specifically noted that the real estate sector is intertwined with several other industries and activities, as well as intermediate industries that are financed by NBE to provide additional job opportunities. Mr. Aboul Fotouh further commended the teams of both Banks for conducting the required studies efficiently and for collaborating successfully to conclude this deal, alluding to the numerous financing options offered by the Bank – to both individuals through financing residential units and via property developers – to accommodate all social segments.
Mr. Tarek Tantawy – CEO and Managing Director of the company – stated: “I am pleased to announce the conclusion of a syndicated loan agreement in favor of Palm Hills project in New Cairo, which is considered one of the company’s flagship endeavors. This new financing will strengthen the project’s financial status and support the company’s plan for accelerating the rate of construction work and speedy delivery of the residential units. I would like to thank the leadership and teams at both Banque Misr and NBE for their continuous and fruitful collaboration with Palm Hills. The banking sector should also be commended for supporting the Egyptian economy. The participation by both Banks in providing this loan complements their leading role in promoting the real estate sector, which is considered one of the most significant and impactful sectors in the Egyptian economy.
Mr. Mohamed Khairat – Head of Corporate Credit and Syndicated Loans at Banque Misr – asserted the Bank’s keenness to provide the required financing to Palm Hills Investment and Development Company, as a contribution by the Bank to driving the development of the Egyptian real estate market; being one of the most influential and promising sectors of the Egyptian economy.
On his part, Mr. Sherif Riad – CEO Corporate Credit and Syndicated Loans at NBE – stated that the Banks’ share was 50-50, over a duration of 7.5 years for financing a portion of the total investment costs for establishing a comprehensive project, “Palm Hills – New Cairo” over an area of some 500 acres at a prime location in New Cairo.
Also worth noting is that the project is in close proximity to the New Administrative Capital and 15 minutes away from the American University in Cairo. It features modern world-class designs and contains a variety of residential units; ranging from apartments to villas, together with a complete service area, green landscaping, sports facilities, a clubhouse and numerous services and amenities.
Both Banks continuously seeks to differentiate their services and to maintain their long-standing success, while proactively partaking in partnerships, initiatives and protocols that fulfil the requirements of customers. The values and strategies of both Banque Misr and NBE reflect their commitment to achieving sustainable development and prosperity for Egypt, as part of their effective participation in economic development. This is through their support of the local national economy in various fields.