A banking alliance has concluded a long-term financing contract worth EGP 1.5 bn with Arkan Palm for Real Estate Investment to finance part of the investment cost of the first phase of the “205” project in Sheikh Zayed City, Invest- Gate reports.
The alliance includes five banks: the Export Development Bank of Egypt (EBE), as the main arranger, general coordinator, and guarantee; the Housing and Development Bank (HDB); the United Bank; the Suez Canal Bank, and the MID Bank.
Additionally, the contributions of each bank in the financing are as follows: EGP 650 mn from EBE, EGP 300 mn from HDB, EGP 250 mn from the United Bank, EGP 150 mn from Suez Canal Bank, and EGP 150 mn from MID Bank.
Mervat Sultan, the chairperson of EBE, declares that this cooperation is not the first among the five banks, and will not be the last in the field of corporate finance. In addition, she stresses her appreciation for the distinctive architectural models that Arkan Palm offers.
For his part, Hassan Ghanem, chairperson of HDB, affirms the bank’s constant keenness on supporting and providing the necessary financing for a major project, which positively contributes to creating an added value for society and achieving sustainable development.
Moreover, Hussein Refaey, chairperson and managing director of the Suez Canal Bank highlights the importance of the bank’s participation in this joint financing, which targets one of the important real estate development projects, implemented by one of the leading companies in the field.
In the same context, Ashraf El-Kady, chairperson of the United Bank, remarks that the bank is the 7th largest bank in terms of pumping real estate investments in the Egyptian market.
Furthermore, Eman Abo Zeid, head of the bank credit and syndicated loans sector at the MID Bank, emphasizes the bank’s role in supporting various projects. This is in line with the state’s ambitious plan to attract investors and provide all facilities to support the investment sector in Egypt.
Mamdouh Badr El-Din, founder and president of Badr El-Din Group, comments that the 205 project is a partnership between the New Urban Communities Authority (NUCA) and Arkan Palm. He further discloses that the project will act as a central service area in west Cairo, at the economic, commercial, tourist, recreational, educational, and medical levels, in cooperation with major authorities.
It is worth noting that the project’s phase I is about 56 acres, consisting of residential, commercial, administrative, and recreational units. It also includes a medical area with an international hospital, medical clinics, a nursing home, a school, and three hotels. It is located next to the Nile University and directly overlooks the 26th of July axis, and it will include a 2-km-long river surrounding the residential area, separating the residential and service parts.