HDB Participates In Granting Joint Financing Worth EGP 4.4Bn For Saudi Egyptian Developers
Date
11/9/2024 2:06:58 PM
(MENAFN- Daily News Egypt) The housing and Development bank (HDB) participated in a banking alliance to grant joint financing worth EGP 4.4bn for over seven years, for the Saudi Egyptian Developers. It aims to finance part of the total investment cost of EGP 25bn for the company's Real estate project“Central” in New Cairo. The alliance also includes First Abu Dhabi Bank Egypt as the first lead arranger, financing marketer, account bank and financing agent, Emirates NBD as the lead arranger and security agent, Abu Dhabi Commercial Bank as the lead arranger and document bank, and Arab Bank as the lead arranger and equity bank, with the participation of the Housing and Development Bank, the EG-Bank, MIDBANK, and Al Baraka Bank Egypt.
Matouk Bassiouny & Hanawy Law Firm and Legal Consultations was appointed as the legal advisor to the lenders and White & Case as the legal advisor to the borrower. Hassan Ghanem, CEO and Managing Director of HDB, said that this cooperation reflects the bank's commitment to implementing its ambitious strategy towards supporting and assisting large investment projects. This contributes to sustainable economic development by providing innovative financial solutions for investors.
Ghanem pointed out that the cooperation with the Saudi Egyptian Developers reflects the great confidence of the banking sector in major real estate development projects. He noted that Central will represent a distinctive model in the real estate development sector in New Cairo, by providing an integrated and advanced living experience that meets the needs of citizens and matches the aspirations of the Egyptian real estate market.
Last week, HDB also participated in an alliance to arrange joint financing worth EGP 50bn for the Social Housing and Mortgage Finance Fund. The bank is the main arranger and guarantor of coverage. Its share in this financing amounted to EGP 2bn.
Ghanem said that participating in this financing is fundamental to achieving the common goal of enhancing sustainable development. It also reflects HDB's commitment to implementing its ambitious strategy to support major housing projects.
He also stressed his bank's belief that providing adequate housing for every individual in society is a basic right that requires the cooperation of all concerned parties.
Additionally, he pointed out that HDB is one of the largest donors of real estate financing. It provided the Social Housing Fund with financing for 3,473 clients in 2023, worth EGP 607m, an increase of 13% over 2022. He stressed the bank's commitment to continue providing innovative financial solutions in housing and urban development to achieve a comprehensive, sustainable vision.
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