A banking alliance of five major banks has signed a long-term joint financing agreement worth EGP 7bn with Sky Innovo Developments to fund part of the investment cost of the “Park St. Edition” project in New Cairo’s Golden Square, with a total investment value of EGP 16.05bn. The facility extends up to seven years and nine months, Invest-Gate reports.

The alliance includes Banque Misr as Lead Arranger, Facility Agent, Account Bank, and Lender; the National Bank of Egypt (NBE) as Lead Arranger, Security Agent, Document Bank, Equity Account Bank, and Lender; Abu Dhabi Commercial Bank–Egypt as Technical Bank and Lender; Al Baraka Bank–Egypt as Lender; and Next Bank as Lender. The agreement was signed on October 8, 2025.

Signatories included Hisham Okasha, CEO of Banque Misr; Mohamed El-Etreby, CEO of the National Bank of Egypt; Ehab El-Sewerky, Managing Director and CEO of Abu Dhabi Commercial Bank–Egypt; Hazem Hezzay, CEO and Vice Chairman of Al Baraka Bank–Egypt; Tamer Seif Eldin, CEO and Managing Director of Next Bank; and Ayman Hussein, Founder of Sky Investments and a major shareholder in Sky Innovo Developments.

The “Park St. Edition” development is a mixed-use residential, commercial, and administrative project focused on sustainability, wellness, and innovation, developed by Sky Innovo in New Cairo.

Hisham Okasha, CEO of Banque Misr, stated that the bank’s participation aligns with its role in supporting large-scale projects that directly impact Egypt’s economy and reflect the country’s Vision 2030 for sustainable urban development. He emphasized the strategic importance of the real estate sector in stimulating related industries and creating job opportunities.

Mohamed El-Etreby, CEO of NBE, highlighted that the bank’s participation underscores its commitment to financing key sectors driving economic growth, especially real estate development, which creates jobs and meets growing housing demand in new urban areas.

Ayman Hussein, Founder of Sky Investments, described the financing as a testament to the banking sector’s confidence in Sky Innovo’s first project, adding that the company is committed to launching high-value, sustainable, and innovative developments that elevate Egypt’s real estate standards. He revealed that the project has already achieved over 60% in sales, targeting EGP 23bn in total revenues.

Kareem Kamel, CFO of Sky Innovo, noted that the financing reflects the company’s solid financial position and commitment to balanced financial planning, ensuring efficient resource management and strong returns for investors and clients alike.

Ehab El-Sewerky, CEO of Abu Dhabi Commercial Bank–Egypt, said the project showcases the strong partnership between the banking sector and real estate developers, contributing to sustainable development and the creation of integrated urban communities.

Hazem Hezzay, CEO of Al Baraka Bank–Egypt, added that the bank’s EGP 1bn share in the financing supports major investment projects that drive economic growth, highlighting Park St. Edition as a prime example of mixed-use development excellence.

Tamer Seif Eldin, CEO of Next Bank, noted that the project represents one of Egypt’s most refined integrated residential and commercial communities, combining distinctive design, comprehensive services, and a strategic location that enhances the country’s urban landscape.

The participating banks reaffirmed their shared commitment to supporting Egypt’s national development goals and driving sustainable economic growth through strategic financing partnerships.