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Banque Misr Partakes in an Alliance with Three Banks to Provide Financing to Nasr City for Housing and Development Valued EGP 2.1 Billion
Banque Misr participated in a banking alliance to grant financing in the amount of EGP 2.1 billion to Nasr City for Housing and Development. Worth noting is that the banking alliance includes Banque Misr as a guarantee agent, the National Bank of Egypt as a financing agent and the Arab African International Bank as a general financing coordinator. Banks of the alliance – in their capacity as original principal arranging parties – signed a long-term joint loan contract with the company valued EGP 2.1 billion, with the aim of financing part of the investment cost for the Saray 1 and Saray 2 projects in New Cairo. The loan aims to refinance the balance of the bridge loan granted to the company by the Arab African International Bank. The term of the loan is up to eight years, which includes two and a half years; representing the period available for withdrawal and permission to finance. The loan shares were equally distributed amongst Banque Misr, the National Bank of Egypt and the Arab African International Bank; with each having a share of EGP 700 million.
The financing granted to Nasr City for Housing and Development – which is considered a pioneer in the field of real estate development; owning a land portfolio exceeding nine million square meters, distributed amongst several projects such as Taj City project and the Saray project, in addition to the Nasr Gardens project and the Oasis project – complements the successes of Banque Misr during the previous period in the field of corporate credit and joint loans. It also confirms the Bank’s outstanding performance and robust financial results, while being a continuation of its aggressive marketing plans for attracting new customers and financing operations. It also manifests Banque Misr’s commitment to achieve its strategic development objectives with the aim of supporting the national economy in all domains and sectors such as petroleum, chemicals and petrochemicals, communications, renewable energy, iron and real estate, which is considered a vital economic sector generating countless employment opportunities – direct and indirect – via various associated industries and activities.
Banque Misr is considered one of the pioneering national banks in financing various projects in different sectors; whereby during the period from 1/07/2018 to 30/06/2019, it completed the arrangement, financing and participation in (8) financing operations at a total financing value of EGP 20.45 billion, with a share of EGP 10.1 billion in numerous sectors including real estate investment, building materials, oil and gas, financial services, general and specialized contracting and real estate financing. There are also targeted and under-study operations that are being completed for nearly (20) financing operations at a total financing of EGP 49.2 billion. The value of the coverage guarantee anticipated for Banque Misr in these operations amounts to approximately EGP 16.7 billion in several sectors such as real estate investment, spinning and weaving, land transport and transportation, oil and gas, agriculture and agricultural crops, fertilizers, petrochemicals, financial services and education.
Worth noting is that Banque Misr recently won several awards in the domain of corporate credit and syndicated loans; whereby it achieved first place in the Egyptian banking market in the arrangement and marketing of syndicated loans, according to Bloomberg and as announced in 2019. The Bank had ranked fifth as the best financial marketer and sixth on the list of principal arranging parties in Africa, surpassing other international banks on the list. The Bank also achieved 15th place as the best financial marketer in the Middle East and North Africa, while obtaining the award for “Best Egyptian Bank for Financing Mega-Projects - 2019” from the International Federation of Arab Bankers
The Bank’s acquisition of such an extensive list of awards and accolades comes as a certificate of entitlement to the trust and confidence of its customers, who are considered mainstays in its endeavors. It also underscores Banque Misr’s pioneering role and continuous capacity to achieve robust performance levels, while consistently striving to provide all clients with innovative services and products that fulfil their needs.
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