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A banking consortium of eight banks grants a joint financing of EGP 10.3 billion to Palm Urban Development Company to finance its project in New October City.

The Industrial Development Bank has joined a banking consortium to finance the Palm Urban Development Company’s project in New October City, with a total value of EGP 10.3 billion. This step comes as part of the bank’s commitment to supporting various projects that contribute to achieving sustainability.

This consortium aligns with the Industrial Development Bank’s strategy, which places great emphasis on supporting Egypt’s Vision 2030 for sustainable development and actively participating in all sectors that contribute to realizing this vision.

The banking consortium includes eight banks:

• Banque Misr (Lead Arranger, Bookrunner, Facility Agent, and Account Bank)
• The National Bank of Egypt (Lead Arranger and Bookrunner)
• Industrial Development Bank
• Banque du Caire
• Emirates 
• Abu Dhabi Commercial Bank
• Al Baraka Bank
• Al Ahli Bank of Kuwait
  
  The financing agreement was signed in the presence of representatives from the participating banks and the developer company, including Mr. Hussein Refai, CEO and Managing Director of the Industrial Development Bank, and Ms. Mennan Awadallah, Deputy CEO and Managing Director.
  
  Mr. Hussein Refai emphasized that the bank’s participation in this consortium aligns with its strategy to support major projects that contribute to economic growth and the creation of new job opportunities. Refai stated that the "Badya" project is one of the pioneering projects aimed at improving the quality of life by offering an integrated and sustainable residential environment.
  
  Refai added:
  "We are proud to be part of this banking consortium supporting the 'Badya' project, which will be a valuable addition to Egypt’s real estate sector. Through this participation, we aim to strengthen the role of the Industrial Development Bank in supporting the Egyptian economy and contributing to projects that meet the community’s needs and enhance the quality of life."
  
  This financing deal is considered one of the largest financing operations in the Egyptian banking market and reflects the high level of confidence in the "Badya" project and its significance in supporting the national economy and creating new job opportunities.