Cairo, December 24- CIB, Egypt’s leading private-sector bank, has signed an EGP 9 billion syndicated revolving medium-term facility with Madinet Masr, a distinguished real-estate company, along with FAB Misr, Al-Baraka Bank Egypt, Abu Dhabi Commercial Bank (ADCB), Export Development Bank (EBank), Housing and Developing Bank (HDB), and Industrial Development Bank Egypt (IDB).
The syndicated facility has a door-to-door tenor of 7.5 years to finance the cash flow deficit from the development activities under the Sarai and Taj City Projects. Furthermore, this facility will partially settle the short-term facilities provided to Madinet Masr by several Egyptian banks.
CIB played a senior role in this business transaction, serving as the initial mandated lead arranger (IMLA), book runner, facility agent, and account bank. FAB Misr served as the lead arranger and security agent. The lead arrangers included Al Baraka Bank Egypt, ADCB, EBank, IDB, and HDB. Sarie El Din & Partners served as the lenders’ legal counsel.
Commenting on the loan, Eng. Abdallah Sallam, President and CEO of Madinet Masr, said: “This major achievement reflects the confidence of this banking consortium, consisting of 7 leading banks and led by CIB, in Madinet Masr’s strategic vision and its operations. This financing aims to increase our land portfolio, which leads us to achieve our aspiring goals in developing sustainable communities that meet the needs of future generations.” He added, "The successful history of our company, which started over 66 years ago, demonstrates our ability to develop pioneering projects that contribute to the economic growth and create new job opportunities. This facility will help accelerate the progress of our Taj City and Sarai projects, which are cornerstones of our plans to deliver exceptional value and sustainable urban development, strengthening our leadership position in the Egyptian real estate sector.”
Mr. Amr El Ganainy, Deputy CEO and Managing Director at CIB, expressed his pleasure to sign the abovementioned Syndicated Facility worth EGP 9 billion for 7 years and 5 months in favor of Madinet Masr Housing and Development, one of Egypt’s leading real estate developers. He stated, “This financial collaboration reflects our pride in strengthening the long-standing relationship between CIB and Madinet Masr, supporting the development of their landmark projects in East Cairo. Our funding structuring, backed by over 17 years of expertise in real estate financing, is designed to meet the requirements of the construction and needs of Madinet Masr’s projects, while remaining responsive to market dynamics. We are confident in the company’s ability to drive a new era of growth and success in the sector.” El Ganainy further highlighted the sector’s critical role in Egypt’s economy, saying: “The real estate sector not only serves as a cornerstone of societal stability, housing approximately 30 million Egyptians, but also acts as a key driver of employment, generating over 5 million jobs. Contributing approximately 20% to the national GDP, the sector is poised to expand its share to 22% by 2025, reinforcing its strategic importance to economic resilience and growth.”
Mohamed Abbas Fayed, CEO and Managing Director of First Abu Dhabi Bank Egypt said: “We are proud to support Madinet Masr for Housing and Development by participating as the second-largest lender in this EGP 9 billion long-term Syndicated loan, contributing with a share of EGP 1.35 billion in financing as a Senior Lead Arranger and Security Agent. This step underscores our unwavering commitment to advancing Egypt’s economic development through impactful financing solutions that drive growth, create job opportunities, and foster progress in the real estate sector. At First Abu Dhabi Bank Egypt, we offer comprehensive financial solutions, which further cement our position as a key player in the Egyptian banking sector.”
Ihab ElSewerky, Managing Director and CEO of Abu Dhabi Commercial Bank – Egypt said: “We are proud to be part of this Syndicated loan for Madinet Masr, reaffirming our support for the real estate development sector and the national economy. This partnership reflects our commitment to empowering our clients and driving business expansion by financing major projects that not only foster sustainable growth but also create significant private-sector job opportunities. We are dedicated to supporting initiatives that contribute to Egypt’s long-term economic development.”
Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank, said: “We are delighted to be part of this Syndication Agreement to support Madinet Masr for Housing and Development’s flagship projects, Taj City and Sarai. Our role as a Lead Arranger, with an EGP 700 million share, reflects Al Baraka Bank Egypt’s strategic vision to enhance our financing portfolio by 2025 through impactful partnerships with banks and financial institutions. This aligns with our commitment to funding major projects that drive economic growth and contribute to sustainable urban development.”
Dr. Ahmed Galal, Chairman of E-Bank (Export Development Bank of Egypt), expressed his deep gratitude for participating in one of the largest Syndicated loans granted to Madinet Masr for Housing and Development. He emphasized that this participation aligns with the bank’s strategy to expand its involvement in the Syndicated loans that support major entities, contributing to Egypt’s economic goals, driving growth and maximizing benefits across various sectors. We firmly believe in the strategic importance of the real estate development sector, which not only generates substantial employment but also stimulates numerous supporting industries, helping reduce unemployment and absorb productive capacity.”
Mr. Hassan Ghanem, Chairman & CEO of Housing and Development Bank, expressed his pride in the bank’s participation in the Syndicated Agreement for Madinet Masr for Housing and Development, being one of the leading developers in residential and commercial project development for over 60 years. This collaboration, alongside a banking alliance comprising prominent sector partners, aims to continue the development and construction of "Taj City" and "Sarai". Ghanem emphasized the importance of supporting the real estate sector as a cornerstone of economic growth and comprehensive development, reaffirming the bank's commitment to supporting major projects that contribute to social and economic stability, in line with its leadership role in urban development for over 45 years.
Mr. Hussein Refaie, CEO and Managing Director of the Industrial Development Bank, emphasized the bank’s commitment to support large-scale projects, stating, “The signing of this Syndicated Agreement underscores the Industrial Development Bank’s dedication to financing key initiatives that drive economic growth. This financing will support some phases of 'Taj City' and 'Sarai' projects, enhancing economic growth and fostering the development of modern urban communities that meet local market demands and promote sustainable development. 'Taj City' and 'Sarai' projects represent successful models of urban development in Egypt. We are proud to contribute to finance a leading real estate developer like Madinet Masr for Housing and Development, in collaboration with CIB as the Initial Mandated Lead Arranger and banking partners. Looking ahead, we remain committed to provide innovative financial solutions that support vital sectors, improve citizens’ well-being, and drive national economic growth.