Banque du Caire and Hyde Park Developments have signed a medium-term financing agreement worth EGP 750 mn to finance part of the investment cost, which amounts to approximately EGP 2.4 bn, for Phase 22 (Garden Residence) in the company’s “Hyde Park” project in New Cairo, Invest-Gate reports.
The financing aims primarily to accelerate the pace of construction in the project, as part of Banque du Caire’s efforts as a financing partner to support and develop distinguished residential projects through leading companies in the Egyptian real estate market, such as Hyde Park Developments.
The signing ceremony was attended by Mr. Bahaa El Shafie, Deputy CEO of Banque du Caire; Mr. Hisham AbdElaal, Deputy CEO of Banque du Caire; and a group of executives from the bank. Also present were Mr. Hassan Ghanem, Chairman of Hyde Park Developments and CEO and Managing Director of the Housing and Development Bank; Eng. Amin Serag, Managing Director of Hyde Park Developments; along with several representatives from the company’s executive management.
On this occasion, Mr. Bahaa El Shafie emphasized the importance of the agreement, stating that it plays an effective role in driving economic growth and creating new job opportunities for youth in various industries related to real estate development.
He noted that this financing reflects the commitment of all parties involved to enhance the infrastructure of the residential community and meet the needs of the real estate market in Egypt.
For his part, Mr. Hassan Ghanem expressed his satisfaction with the fruitful cooperation with Banque du Caire, stressing that it reflects the considerable confidence the company enjoys in the banking sector as one of the most prominent real estate developers in the Egyptian market. He pointed out that Hyde Park has successfully implemented its expansion plan by delivering integrated and distinguished real estate projects.
Ghanem also reaffirmed Hyde Park’s commitment to supporting comprehensive urban and economic development by enhancing its investments in the real estate sector.
In this context, Eng. Amin Serag stated that this agreement represents a fundamental step in the journey of completing and implementing the Hyde Park New Cairo project, which is one of the most important real estate developments in New Cairo. He emphasized that it provides an integrated community that meets the aspirations of customers seeking a unique and sustainable residential experience.
He added that the EGP 750 mn financing supports the company’s efforts to elevate the standard of real estate development in Egypt. Furthermore, he noted that the financing period, which extends to eight years, provides the company with significant financial flexibility, enabling it to achieve its goals according to the highest standards of quality and efficiency.