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Banque Misr and Arab African International Bank Sign a Joint Loan Contract in Favor of a Hassan Allam Subsidiary Valued EGP 4 Billion
Banque Misr and the Arab African International Bank signed a long-term joint financing contract in favor of the International Real Estate Investment Company, a Hassan Allam real estate company, at a value of EGP 4.160 billion. The joint loan contract was signed on Tuesday, 29th June 2021 and was attended by Mr. Akef El-Maghraby, Vice Chairman of the Board of Banque Misr, Mr. Sherif Elwi, Managing Director and Vice Chairman of the Board of Arab African International Bank, Eng. Mohamed Allam, CEO and Managing Director of Hassan Allam Real Estate Company, as well as select executives representing the three parties.
The loan aims to finance the Swan Lake Residence project in New Cairo in favor of the International Real Estate Investment Company, which is the first joint financing granted to the company as a Finance Developer to finance one of its residential projects. Banque Misr played the role of the first main arranger, the finance marketer, the financing agent and the account bank, while the Arab African International Bank played the role of the first main arranger, the finance marketer, the guarantee agent and the debt service account bank. Each bank contributed 50% towards the total value of financing.
Mr. Akef El-Maghraby – Vice Chairman of the Board of Banque Misr – commended the meaningful collaboration between Banque Misr and the Arab African International Bank, which resulted in the successful completion of financing; and the vital role of the Egyptian banking sector in general in supporting the national economy; reiterating 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 considered among its most important sectors. The sector is linked to a wide range of industries activities and intermediate industries, which the Bank is keen on financing and endorsing. This is in order to provide more job opportunities in various disciplines in a way that practically serves development plans. He further added that Banque Misr consistently partakes in initiatives and protocols that aim to provide services accommodating the needs of all customer segments.
On his part, Eng. Mohamed Allam - CEO and Managing Director of Hassan Allam Real Estate Company - stated: "We, at Hassan Allam value the concept of partnership and as such, we are pleased to cooperate with the professionals at Banque Misr and Arab African International Bank on the joint credit facility amounting to some EGP 4 billion, in order to support the pace of construction and handover of our pioneering project Swan Lake Residences, which commands a distinguished strategic location in the heart of New Cairo. We are also proud of this partnership, which we consider fruitful, as it will provide more support for the state's plans in the field of reviving the Egyptian economy and reducing unemployment, by providing about 200,000 direct and indirect job opportunities. The project is located over an area of 438 acres, is set to host approximately 6,600 families and contains a homogeneous group of projects with independent entrances, each with a unique character to meet the needs of the target customer segment, while providing maximum privacy and comfort. This is in addition to the diversity of the product offered by the project, between standalone and semi-detached villas, as well as luxury apartments."
Mr. Mohamed Khairat - Head of Corporate Credit and Syndications at Banque Misr - pointed out the importance of this financing, which contributes to the implementation of the country's national economic development plan through the establishment of integrated urban communities in New Cairo. He further praised the role of trained personnel in efficiently conducting the necessary studies for such endeavors. As a bank, Banque Misr works to enhance the excellence of its services, maintain its long-term success, and actively participate in endeavors that meet the needs of its customers, as the Bank's values and strategies reflect its unwavering commitment to achieving sustainable development and prosperity for Egypt.
Dr. Amani Samir - Acting Head of Corporate and Institutional Finance at Arab African International Bank – stated that, "The Arab African International Bank aspires to participate in more fruitful banking alliances that enable the banking sector to support various sectors, which directly reflects on the performance of the Egyptian economy and its ability to steadfastly confront any crises."
Mr. Amir Ghanem - Head of Corporate Finance at Arab African International Bank - added, "We are proud of the record time in which this partnership was concluded and of the professionalism demonstrated by the teams involved in preparing for this financing, while looking forward to more profitable deals throughout 2021."
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