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The Commercial International Bank (CIB) announced that it is leading a banking consortium comprising seven banks, acting as the Lead Arranger and Bookrunner, to arrange a syndicated loan of EGP 9 billion for a term of seven and a half years in favor of Madinat Masr for Housing and Development, one of the leading companies in the Egyptian real estate development sector.

This syndicated financing arrangement comes as support for Egypt’s real estate development sector, which has proven to be the most significant sector in the Egyptian market due to its direct provision of numerous job opportunities and its status as one of the most attractive investment sectors for both local and foreign investors. The sector plays a vital role in bridging the gap between housing supply and demand.

Abdallah Sallam, CEO and Managing Director of Madinat Masr for Housing and Development, stated:
"This major achievement reflects the confidence placed in our company’s strategic vision and operational capabilities by a consortium of seven of the most prominent banks in Egypt, led by CIB. Through this financing, we aim to expand our land portfolio, which will help us achieve our ambitious goals of developing sustainable communities that meet the needs of future generations."

He added:
"Our company’s rich history of success, spanning more than 66 years, demonstrates our ability to develop pioneering projects that contribute to economic growth and the creation of new job opportunities. This financing facility will accelerate the implementation of our flagship projects, Taj City and Sarai, which are the cornerstones of our plans to deliver exceptional value and sustainable urban development, thereby enhancing our leading position in Egypt’s real estate sector."

Hussein Refai, CEO and Managing Director of the Industrial Development Bank, commented:
"The signing of this syndicated loan agreement reflects the Industrial Development Bank’s commitment to supporting major projects. This financing will support various phases of the Taj City and Sarai projects, contributing to economic growth and the development of modern urban communities that meet local market needs and promote sustainable development."

He further explained:
"Taj City and Sarai are exemplary models of urban development in Egypt. We are proud to contribute to financing a pioneering real estate development company like Madinat Masr for Housing and Development, in cooperation with CIB as the main coordinator and the participating banks. We will continue to strengthen our role in providing innovative solutions that serve various vital sectors, enhance citizens’ well-being, and support the national economy."

The financing agreement was signed in the presence of the leaders of the participating banks, as well as the CEO and Managing Director of Madinat Masr for Housing and Development, along with members of the working teams from all parties involved.