(MENAFN- Daily News Egypt) A banking alliance, led by Banque Misr, provided syndicated financing worth EGP 2.8bn to Landmark Developments Company, with the participation of EG bank and Suez Canal Bank as lenders.
the initial lead arranger, financing marketer, financing agent, security agent, account bank and lender.
The loan aims to fund part of the investment cost of a fully serviced residential project called“STEI8HT” in New Cairo, spanning an area of 375 acres.
The project is located in a strategic location near Rehab City and Cairo Airport, close to vital spots, and 35 minutes away from the New Administrative Capital.
Baker & Mckenzie acted as legal advisors to the banks.
The financing contract was signed in the presence of Hisham Okasha, CEO of Banque Misr, Akif El Maghraby, CEO and Managing Director of Suez Canal Bank, Monya Madkour, Assistant Managing Director for Treasury and Corporate Finance Sectors at EG Bank, Ahmed Hussein Sabbour, Managing Director of Landmark Development and Construction, Amr Sultan, Chairman of Landmark Development and Construction, Hossam El Din Abdel Wahab, Deputy CEO of Banque Misr, Mohamed Abdel Moneim, Member of the Board of Directors of Landmark Developments and Chief Financial Officer, and a group of bank and company leaders.
Hisham Okasha said that Banque Misr's participation in this financing is a continuation of its pioneering role in supporting the Egyptian economy.
He added that the bank is focusing on supporting real estate development companies and is keen on supporting and assisting real estate developers.
This financing is considered an extension of the real estate sector projects, an important sector that greatly impacts the Egyptian economy.
Okasha praised the role of the work team at Banque Misr and the cooperation with the work teams of the participating banks, which resulted in the successful completion of the financing. He noted that the bank always seeks to provide multiple financing methods in the field of real estate financing, whether for individuals through financing residential units, or for real estate developers.
Akif El Maghraby said that this partnership reflects the Suez Canal Bank's keenness on supporting real estate development projects that add value to the national economy. He specifically stressed the importance of the“STEI8HT” project, as a fully-serviced residential project in a distinguished location, in providing an integrated urban vision.
He explained that the Suez Canal Bank is keen on providing various financing solutions to support various economic sectors and activities.
Monya Madkour said that the bank's participation in this financing comes in line with its commitment to supporting sustainable economic development in Egypt.
She added that the bank pays special attention to the real estate development sector due to its pivotal role in creating job opportunities and driving economic growth.
She pointed out the bank's pride in the strategic partnership with Landmark Group, resulting in many successesful real estate projects. She also stressed her appreciation for the great efforts made by the work teams in all banks to complete this integrated financing efficiently and professionally to foster the role of the banking sector in supporting the Egyptian economy.
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