Banque Misr recently signed a credit facility contract with Hyde Park Developments for a medium-term loan of EGP 2.6 bn to finance part of the investment cost of the Seashore project in the North Coast, Invest-Gate reports.
The signing was attended by Mr. Hisham Okasha, CEO of Banque Misr; Mr. Hassan Ghanem, Chairman of Hyde Park Developments – CEO and Managing Director of the Housing and Development Bank; Mr. Mohamed Khairat, Head of Corporate Banking and Syndicated Loans at Banque Misr; and Eng. Amin Serag, Managing Director of Hyde Park Developments, along with a distinguished group of bank and company leaders.
It is worth noting that the Sea shore project in the North Coast area spans 240 feddans and includes a number of buildings, residential and hotel units for sale, as well as commercial units for rent.
Mr. Hisham Okasha stated that Banque Misr’s participation in this financing aligns with its pioneering role in supporting the Egyptian economy. The real estate sector is one of the most influential sectors in the economy due to its connection with a wide range of intermediate industries and activities that the bank is keen to finance to provide more job opportunities across various specializations, thereby serving development plans. The bank places special importance on supporting real estate development companies and is committed to assisting developers to stimulate the Egyptian real estate market and increase investment opportunities. This aligns with the state’s urban development plan within Egypt’s Vision 2030.
In this context, Mr. Hassan Ghanem expressed his pride in the partnership with Banque Misr. He emphasized that this collaboration reflects a shared vision to support real estate and tourism investment, representing a successful model of integration between financial institutions and major real estate development companies.
He pointed out that the Sea shore project marks a new milestone in Hyde Park’s journey toward developing integrated urban communities with investment and tourism characteristics.
Ghanem also reaffirmed Hyde Park’s commitment to continuing its strategy aimed at enhancing investments in major tourism and investment projects, ensuring that these projects meet international standards and add real value to the Egyptian real estate market.
He noted that these efforts align with the state’s plans to develop the northwest coast by expanding the establishment of major investment and economic projects in new cities, enhancing the region’s attractiveness for local and international investments, supporting the creation of new job opportunities, and contributing to driving the national economy and achieving sustainable development.