10-Year Financing Agreement Supports Completion of the Flagship Integrated Development in West Cairo
Orascom Development Egypt (ODE), one of Egypt’s leading real estate and tourism developers, announced that its subsidiary, Orascom Real Estate S.A.E., has signed a 10-year syndicated financing agreement worth EGP 18 billion with the Commercial International Bank – Egypt (CIB), Banque Misr, and the National Bank of Egypt (NBE) to support the completion of development works at its flagship O West project in West Cairo.
Signing Ceremony Attended by Senior Business and Banking Leaders
The financing agreement was signed in the presence of Eng. Naguib Sawiris, Chairman of Orascom Development Holding, and Dr. Eskander Touma, Chairman of Orascom Development Egypt, alongside representatives of the participating banks, including Amr El-Ganainy, Deputy CEO and Executive Board Member of the Commercial International Bank – Egypt (CIB); Hisham Okasha, Chief Executive Officer of Banque Misr; and Mohamed El-Etreby, Chief Executive Officer of the National Bank of Egypt (NBE), in addition to a number of senior executives from Orascom Development Egypt and the participating banks.
The financing facility will support the completion of the current and future development phases of the O West project and accelerate construction progress in line with the project’s continued growth and increasing market demand. It will also reinforce Orascom Development Egypt’s strategy to sustain growth and expansion.
Securing financing of this scale and tenor reflects the confidence of Egypt’s leading financial institutions in the strong operational performance of Orascom Real Estate, the quality of its assets, its long-term strategic vision, and its ability to obtain long-term financing under competitive terms. The transaction also represents a successful model of cooperation between the banking and real estate sectors in supporting long-term investments and strengthening the role of financial institutions in financing urban and economic development projects across the Egyptian market.
The banking consortium comprises the Commercial International Bank – Egypt (CIB), acting as Initial Mandated Lead Arranger, Bookrunner, Facility Agent, and Account Bank; Banque Misr, acting as Initial Mandated Lead Arranger, Bookrunner, and Security Agent; and the National Bank of Egypt (NBE), acting as Initial Mandated Lead Arranger and Bookrunner.
MHR & Partners, in association with White & Case, served as legal counsel to Orascom Real Estate, while Zulficar & Partners Law Firm acted as legal counsel to the participating banks.
Both legal teams played a significant role in the successful execution of the transaction by providing comprehensive legal support throughout all stages of the financing process.
Eskander Touma: Egypt Remains One of the Region’s Most Promising Investment Destinations
Commenting on the agreement, Dr. Eskander Touma, Chairman of Orascom Development Egypt, said: “At Orascom Development, we firmly believe that real investment is long-term investment. We therefore view the Egyptian market as one of the most promising markets in the region, thanks to its strong growth fundamentals and abundant investment opportunities, Our continued investments and expansion reflect our confidence in the future of this market and its ability to generate sustainable long-term value.”
He added: “O West is one of the flagship projects that embodies this vision. We have designed it not merely as a real estate development, but as a sustainable city offering a fully integrated lifestyle that meets both present and future needs. This financing agreement will support the project’s future expansion in line with the growing demand and ensure the continued implementation of our vision according to the highest quality standards.”
He further noted: “This agreement also reflects the high level of confidence that Orascom Development enjoys among Egypt’s leading financial institutions—a confidence we greatly value, as it underscores the strength of our business model, the quality of our assets, and our ability to deliver projects that create sustainable value for our customers while contributing to Egypt’s urban and economic development.”
CIB: Financing Reinforces Sustainable Urban Development and Economic Growth
Amr El-Ganainy, Deputy CEO and Executive Board Member of the Commercial International Bank – Egypt (CIB), stated: “This financing reflects the pivotal and strategic role that the Commercial International Bank continues to play in arranging and managing syndicated loans, thereby supporting economic growth and strengthening Egypt’s real estate development sector through financing major development projects with significant economic impact.”
He added: “We are proud of our partnership with Orascom in this landmark transaction. Financing the O West project marks another milestone in the development of integrated urban communities that provide a comprehensive environment for living, working, and services, in line with the state’s urban expansion strategy.
At CIB, we remain committed to leveraging our financial and banking expertise to deliver innovative financing solutions that create added value for all stakeholders and contribute to driving sustainable development.”
Banque Misr: EGP 7 Billion Contribution Supports Egypt’s Development Agenda
Hisham Okasha, Chief Executive Officer of Banque Misr, affirmed: “Banque Misr’s participation in the syndicated financing, with a contribution of EGP 7 billion, comes within the framework of the bank’s role in supporting the Egyptian economy.
It reflects our extensive expertise in syndicated finance and our commitment to providing integrated financing solutions that support key economic sectors, particularly the real estate sector, which remains one of the main drivers of economic growth.”
He continued: “The bank places special emphasis on supporting real estate developers and major urban development projects, helping attract further investments, create employment opportunities, and stimulate economic growth in line with Egypt Vision 2030.”
Okasha also praised the cooperation among the participating banks’ teams, noting that they successfully completed all phases of the financing process with efficiency and professionalism. He stressed that qualified banking professionals remain one of the key factors behind the successful structuring and execution of major syndicated financing transactions, further enhancing the Egyptian banking sector’s ability to support strategic projects with significant developmental impact.
National Bank of Egypt: Financing Major Development Projects Is Central to Our Strategy
Mohamed El-Etreby, Chief Executive Officer of the National Bank of Egypt (NBE), stated: “The National Bank of Egypt’s participation in this syndicated financing is aligned with the bank’s strategy of supporting major projects with strong economic and developmental value, while playing an active role in financing vital sectors that drive economic growth—particularly the real estate sector, given its significant contribution to urban development, its ability to stimulate numerous related industries and business activities, and its role in creating more employment opportunities.”
He added: “Financing the O West project reflects the National Bank of Egypt’s confidence in the project and its commitment to continuing cooperation with leading financial institutions and prominent companies to finance projects that support the state’s urban development plans and promote sustainable economic growth.”
El-Etreby further noted that the National Bank of Egypt is participating in the transaction as an Initial Mandated Lead Arranger, Bookrunner, and Account Bank for the Borrower’s Contribution.
A Landmark Partnership Between the Banking and Real Estate Sectors
The agreement represents a successful model of cooperation between Egypt’s banking and real estate sectors, highlighting the pivotal role of financial institutions in supporting major investments and enabling large-scale urban development projects to continue their growth and expansion. It also reinforces the national economy and strengthens investor confidence in Egypt’s investment climate.
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