The Commercial International Bank (CIB) – Egypt has arranged a syndicated loan worth EGP 7bn for Ora Developers Egypt, a leading real estate development company. The banking alliance includes four major banks, with CIB as the primary arranger, marketer, facility agent, and account bank. The legal advisors for the deal were Matouk Bassiouny & Hennawy (representing the lenders) and MHR & Partners in association with White & Case LLP (representing the borrower).
CIB arranges EGP 7bn syndicated loan for Ora Developers Egypt
CIB's contribution to the financing amounted to EGP 4bn. This financing aims to cover part of the investment cost required for the development of the "Zed East" project, a comprehensive urban service development spanning 334 feddans in New Cairo. The project is one of Ora Developers Egypt's flagship developments in the area, adhering to the highest global standards and specifications. Amr El-Ganayni, Vice Chairperson and Managing Director of CIB – Egypt, expressed the bank's pride in strengthening its long-term partnership with Ora Developers Egypt by providing the necessary support for their prominent real estate projects in East Cairo. He emphasized his confidence in Ora's ability to continue their success story. El-Ganayni further highlighted that providing a syndicated loan of this magnitude demonstrates CIB's commitment to contributing to Egypt's economic growth. The bank remained focused on supporting distinguished economic projects in the local market. He also praised CIB's leading role in financing major private-sector projects in line with the government's comprehensive development plan, particularly in expanding urban development. This expansion presents immense opportunities for all sectors of the economy. Ora Developers Egypt has already achieved notable success, warranting continued financial support for further development.
