Banque Misr recently led a banking consortium in its capacity as primary arranger, underwriter, marketer and financing agent for arranging and granting long-term joint financing valued EGP 2.54 BN, for funding a portion of the investment cost of the first and second phases of Zed Sheikh Zayed; the principal project of Aura Developers Egypt Real Estate Investment Company. The project integrates service and urban facilities and occupies an area of 165 acres in Sheikh Zayed. The banking consortium included Emirates NBD, the Egyptian Export Development Bank and the Housing and Development Bank as the primary arrangers and underwriters. Project financing contracts were signed in the attendance of Mr. Mohamed El Etreby – Chairman of Banque Misr – and Eng. Naguib Sawiris – Chief Executive Officer of Aura Developers Group. The ceremony was also held in the attendance of leading executives of the participant banks and the company.
Banque Misr had gained the trust and confidence of the parties to assume the role of intermediary accounts manager between Aura Developers and the New Urban Communities Authority. Zed Sheikh Zayed is considered one of the largest real estate projects to be implemented during the coming years over six consecutive phases in the Sheikh Zayed area and has gained popularity owing to the successful inauguration of Zed Park, which is a pillar of the project and is a preferred venue by the public.
Worth noting is that Banque Misr has completed the arrangement and financing of 10 operations, totaling EGP 86.3 billion at a participation stake of approximately EGP 33.7 billion, until September 2020. This pinnacles the role assumed by the Bank, which has acquired numerous global accolades and rankings that underscore its exceptional performance and robust financial results. It is also a continuity of the extensive marketing plans adopted by the Bank for attracting new customers and financing operations and a commitment towards achieving its strategic and developmental objectives that aim to support the national economy in various sectors and domains.
Banque Misr had achieved first place in the Egyptian banking market for arranging and marketing joint financing in 2019, according to Bloomberg International. The Bank had completed 13 joint financing deals totalling EGP 22.725 Bn in which it was primary arranger and 12 joint financing deals totalling EGP 26.275 Bn in which it was marketer, out of the total financing operations performed by the largest 20 banks in Africa. Bloomberg International had announced Banque Misr’s acquisition of fifth place as best marketer on the list of joint financing 2019; sixth place as primary arranger of joint loans in Africa and the fifteenth best financing marketer in the Middle East and Africa.
The Bank’s acquisition of this 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, as well as an assertion of its pioneering role and continuous ability to achieve robust growth. The Bank consistently seeks to provide all clients with innovative services and products that fulfil their various needs.