Housing & Development Properties (HDP) has signed a financing agreement with MIDBANK worth EGP 1.5bn, with an initial tranche of EGP 750m already secured. The move reflects the company’s accelerating expansion strategy within Egypt’s real estate market, Invest-Gate reports.

Boosting Investments and Projects

The financing will support both current and future developments, enhancing HDP’s ability to deliver integrated urban communities aligned with modern standards, while strengthening execution capabilities for large scale projects.

Strong Banking Confidence

The agreement underscores strong confidence from the banking sector in HDP’s financial and operational performance, highlighting the company’s ability to attract substantial funding to fuel sustainable growth.

Clear Expansion Strategy

According to Vice Chairman Eng. Amgad Hassanein, the financing marks a key milestone in the company’s growth strategy, aimed at expanding its geographic footprint and diversifying its project portfolio to meet evolving market demand.

Ms. Iman Abu Zeid, Head of Corporate Credit at MIDBANK, stated:
“We at MIDBANK are proud to support a leading company such as Housing and Development Properties (HDP). This agreement reflects our commitment to supporting the real estate sector and strengthens our partnership with a company that possesses strong expertise and the ability to execute large scale projects in line with advanced standards.”

She added:
“Our decision to support HDP stems from our thorough assessment of its performance and growth strategy. We are confident that this financing will enhance the company’s capabilities in developing integrated projects and reaffirm the bank’s role as a strategic partner supporting sustainable development in the Egyptian real estate market.”

Banks Supporting Real Estate Growth

MIDBANK emphasized that the agreement aligns with its strategy to support the real estate sector, noting that its partnership with HDP is based on the company’s strong track record and execution capabilities.

Proven Track Record

Within less than three years, HDP has launched 11 projects across East and West Cairo as well as the North Coast, reinforcing its position as a fast-growing player in Egypt’s real estate market.