Orascom Development Egypt, one of Egypt’s leading real estate and tourism developers, announced that its subsidiary, Orascom Real Estate S.A.E., has signed a 10-year EGP 18bn syndicated financing agreement with the Commercial International Bank (CIB), Banque Misr and the National Bank of Egypt (NBE) to support the completion of development works at its flagship O West project in West Cairo, Invest-Gate reports.
The financing agreement was signed in the presence of Eng. Naguib Sawiris, Chairman of Orascom Development Holding; Dr. Eskandar Tooma, Chairman of Orascom Development Egypt; and senior representatives from the participating banks, including Amr El Ganainy, Deputy CEO and Executive Board Member of CIB; Hisham Okasha, CEO of Banque Misr; and Mohamed El-Etreby, CEO of the National Bank of Egypt, alongside executives from Orascom Development Egypt and the participating banks.
The financing is expected to accelerate construction across the current and future phases of the O West development, supporting the project’s continued expansion and growing market demand while reinforcing Orascom Development Egypt’s long-term growth strategy.
The company said securing financing of this scale and duration reflects the confidence of Egypt’s leading financial institutions in Orascom Real Estate’s operational strength, high-quality assets, long-term strategy and ability to obtain competitive long-term financing. The transaction also highlights successful cooperation between the banking and real estate sectors in supporting long-term investments and financing major urban development projects in Egypt.
The banking consortium comprises CIB as Initial Mandated Lead Arranger, Bookrunner, Facility Agent and Account Bank; Banque Misr as Initial Mandated Lead Arranger, Bookrunner and Security Agent; and the National Bank of Egypt as Initial Mandated Lead Arranger and Bookrunner.
MHR & Partners, together with White & Case, acted as legal advisers to Orascom Real Estate, while Sarie Eldin & Partners served as legal advisers to the participating banks.
Dr. Eskandar Tooma, Chairman of Orascom Development Egypt, said the company believes that genuine investment is long-term investment, adding that Egypt remains one of the region’s most promising markets with strong growth potential and attractive investment opportunities.
He described O West as one of the company’s flagship developments, designed not merely as a residential project but as an integrated and sustainable city offering a comprehensive lifestyle. Touma added that the financing will support the project’s future expansion while ensuring delivery in line with the highest quality standards.
He also noted that the agreement reflects the confidence major financial institutions place in Orascom Development Egypt, underscoring the strength of its business model, asset quality and ability to deliver projects that create long-term value while supporting Egypt’s urban and economic development.
Amr El Ganainy, Deputy CEO and Executive Board Member of CIB, said the financing demonstrates the bank’s continued strategic role in arranging and managing syndicated loans that contribute to economic growth and support Egypt’s real estate sector through financing major development projects.
He added that financing the O West project represents another milestone in developing integrated urban communities aligned with Egypt’s urban expansion strategy, while reaffirming CIB’s commitment to providing innovative financing solutions that create value for all stakeholders.
Hisham Okasha, CEO of Banque Misr, said the bank’s EGP 7bn participation reflects its commitment to supporting Egypt’s economy through integrated financing solutions, particularly for the real estate sector, which remains a key driver of economic growth.
He added that Banque Misr places particular emphasis on supporting large-scale real estate developments that attract investment, create employment opportunities and contribute to Egypt Vision 2030, while praising the cooperation among the participating banks’ teams in successfully structuring and executing the transaction.
Mohamed El-Etreby, CEO of the National Bank of Egypt, said the bank’s participation aligns with its strategy of financing major projects with strong economic and developmental value, particularly in sectors that stimulate growth, such as real estate.
He added that financing O West reflects the bank’s confidence in the project and its commitment to working with leading financial institutions and developers to support Egypt’s urban development plans and sustainable economic growth.
The agreement represents a successful model of collaboration between the banking and real estate sectors, reinforcing the role of financial institutions in supporting large-scale investments, enabling continued urban expansion and strengthening confidence in Egypt’s investment climate.
Orascom Development Egypt is the largest subsidiary of Orascom Development Holding, an international developer specialising in creating integrated communities across Europe, the Middle East and North Africa. Over more than 36 years, the group has established itself as a leading developer of integrated destinations that combine residential, hospitality and leisure offerings.
Its portfolio in Egypt includes El Gouna, O West, Makadi Heights, Taba Heights and Byoum, with a land bank exceeding 51mn square metres. The company also operates 24 luxury and upscale hotels with more than 4,900 rooms across Egypt and is listed on the Egyptian Exchange (EGX).
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