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The Industrial Development Bank (IDB), together with the National Bank of Egypt, Banque Misr, and eight other banks, announced the provision of a joint financing facility worth EGP 50 billion in favor of the Social Housing and Mortgage Finance Fund. The National Bank of Egypt is acting as the main arranger, coverage guarantor, documentation bank, bookrunner, and facility agent in this banking alliance.

The banking consortium includes:

• Banque Misr (main arranger, coverage guarantor, bookrunner, and repayment bank)
• Banque du Caire and the Housing and Development Bank (main arrangers and coverage guarantors)
• Commercial International Bank Egypt (CIB)
• Qatar National Bank
• Arab African International Bank
• Next Commercial Bank
• MIDBANK
• Industrial Development Bank (IDB)
• The United Bank (coverage guarantors)
  
  The purpose of this financing is to fund social housing projects for low- and middle-income citizens as part of the "Housing for All Egyptians" initiative, which aligns with the directives of His Excellency the President of the Republic.
  
  The signing ceremony was attended by Hussein Refai, CEO and Managing Director of IDB; Mohamed El-Etreby, CEO of the National Bank of Egypt; Hesham Okasha, CEO of Banque Misr; Bahaa El Shafei, Deputy CEO of Banque du Caire; Hassan Ghanem, CEO and Managing Director of the Housing and Development Bank; Amr El-Ganainy, Deputy CEO and Managing Director of CIB; Tamer Waheed, Chairman and Managing Director of the Arab African International Bank; Mohamed Bedeir, CEO of Qatar National Bank; Tamer Seif, CEO and Managing Director of Next Commercial Bank; Ashraf El-Kady, CEO and Managing Director of the United Bank; Iman Abu Zeid, General Manager of Credit Sector at MIDBANK; and Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, along with several leaders from the participating banks and the Fund.
  
  Hussein Refai, CEO and Managing Director of IDB, stated that signing this agreement reflects the bank’s national role in supporting comprehensive development plans and strategic projects that serve low- and middle-income citizens. Refai confirmed that the bank always strives to contribute to providing the necessary funding for initiatives that promote social stability and improve the quality of life for the targeted segments, as part of the "Housing for All Egyptians" initiative, which responds to the directives of His Excellency the President of the Republic.
  
  It is worth noting that the financing term is six years, with the shares of the participating banks distributed as follows:
  
  
• EGP 9.5 billion each for the National Bank of Egypt and Banque Misr
• EGP 7 billion for Banque du Caire
• EGP 2 billion for the Housing and Development Bank
• EGP 4.775 billion each for CIB, Qatar National Bank, and the Arab African International Bank
• EGP 4.875 billion for Next Commercial Bank
• EGP 1.4 billion for MIDBANK
• EGP 1.1 billion for the Industrial Development Bank
• EGP 0.3 billion for the United Bank