Banque Misr and CIB Grant Joint Financing of EGP 4.14 Billion to SODIC New Zayed Project
Banque Misr, acting as the lender, primary lead arranger, finance marketer, financing agent, and account bank, along with the Commercial International Bank (CIB), serving as the lender, primary lead arranger, finance marketer, and collateral agent, have granted SODIC (Sixth of October for Development and Investment Company) a long-term joint loan amounting to EGP 4.14 billion. This financing is intended to partially cover the investment costs of SODIC’s 464-acre project in New Zayed. The financing agreement was signed by Mr. Mohamed El-Etreby, Chairman of Banque Misr, and Mr. Amr El-Ganayni, Deputy CEO and Managing Director of CIB, alongside Mr. Ayman Amer, General Manager of SODIC. The signing ceremony took place on Sunday, September 8, 2024, in the presence of Mr. Hossam El-Din Abdel Wahab, Vice Chairman of Banque Misr, and other distinguished leaders from both banks and the company.
The 464-Acres project is a fully integrated mixed-use development comprising residential, commercial, administrative, and service areas, spanning approximately 464 acres.
Mr. Mohamed El-Etreby, Chairman of Banque Misr, praised the fruitful collaboration between Banque Misr and CIB, which led to the successful completion of this financing. He also highlighted the vital role of the Egyptian banking sector in supporting the national economy.
He continued: “Banque Misr’s participation in this financing aligns with its leadership role in backing the Egyptian economy, particularly in the real estate sector, which is one of the most influential sectors in Egypt’s economy due to its connections with numerous intermediary industries and activities. The bank is committed to financing these sectors to create more job opportunities in various specializations, thereby effectively supporting development plans. As a leading banking institution, Banque Misr is always keen to engage in initiatives and protocols aimed at providing services that meet the needs of all customer segments, acting as a catalyst for national and strategic development, with a firm belief in sustainability and continuous development.”
Mr. Hossam El-Din Abdel Wahab, Vice Chairman of Banque Misr, emphasized that the financing continues the long-standing relationship with SODIC and its investments in Egypt. SODIC is one of the most important and largest real estate developers in the Egyptian market. The financed project is strategically located in New Zayed City, just 10 minutes from SODIC West and near the new Sphinx International Airport. The project is expected to include more than 5,000 units on 464 acres, making it the company’s second-largest project in West Cairo. The project’s design incorporates sustainability factors, with the company collaborating with startups and sustainability-focused companies to achieve these goals. This contributes to the state’s sustainable development plans by establishing integrated urban communities in new cities.
Mr. Amr El-Ganayni, Deputy CEO and Managing Director of CIB Egypt, stated: “We are always pleased to collaborate with SODIC, one of the leading companies in the real estate development sector. CIB’s strategy is directed towards supporting distinguished real estate developers like SODIC. The collaboration between two leading banks in the Egyptian banking sector, CIB Egypt and Banque Misr, in this joint credit facility aligns with the state’s strategy of urban expansion, which is one of the main pillars of the Egyptian economy.”
Ms. Soha Abu Zekry, Head of Corporate Relations at CIB Egypt, added: “We are delighted to sign this new joint credit facility of EGP 4.14 billion with SODIC, marking the tenth anniversary of our first lending transaction with the company in 2014. The CIB team is proud to strengthen its long-standing relationship with a prestigious entity like SODIC. I would also like to take this opportunity to thank the teams at CIB Egypt, Banque Misr, Baker McKenzie, and White & Case for their tireless efforts in ensuring this agreement was completed on schedule.”
Mr. Ayman Amer, SODIC’s General Manager, commented on the transaction: “It is a pleasure working again with Banque Misr and CIB, two of our longstanding partners and leading Egyptian banks. The signing of this facility comes as a testament to SODIC’s solid financial performance, strong cash flows, and liquid balance sheet as well as the strength of SODIC’s long-term relationships with Egypt’s leading banks, facilitating the company’s access to the debt market, and supporting SODIC’s growth endeavors”.
Both banks believe in the importance of concerted efforts to support the state’s plans for advancing the national economy. They are committed to playing their vital roles in supporting all activities that contribute to creating a better life for the Egyptian people. The banks also strive to provide banking and financial services in an accessible and advanced manner, working to enhance the excellence of their services, maintain long-term success, and actively participate in services that meet their clients’ needs. The values and strategies of both banks consistently reflect their commitment to sustainable development and prosperity for Egypt.
