Banque Misr has signed a long-term loan contract amounting to EGP 500m for 6.5 years, with the Arab Company for Touristic Projects, to finance the development of the Sheraton Cairo Hotel.
The contract was signed by Mohamed Khairat, the head of the corporate credit and syndicated loans sector at Banque Misr, and Ibrahim Al-Shaibani, the general manager of Arab Company for Touristic Projects.
The loan aims to finance 60% of the total investment cost of the project – which is estimated at EGP 839m – to renovate the second building of Sheraton Hotel, the Nefertiti Tower.
Mohamed Khairat said that the Sheraton Cairo Hotel renovation project is considered one of the most important tourist projects in Cairo, given the hotel’s well-established position in the tourism sector and the hotel’s location overlooking the banks of the Nile.
He stressed that Banque Misr plays a leading role in supporting the tourism sector; which is one of the most important sectors contributing to the growth of the Egyptian economy and one of the most important sources of foreign currency for the country.
He pointed out that granting funding is a continuation of the bank’s distinguished role in supporting the Egyptian economy, especially since the tourism sector is among the most important sectors affecting the Egyptian economy, as Banque Misr contributes to supporting the state’s plans for economic reform, especially in the issues that occupy the forefront of the banking system’s concerns, such as supporting the sector. Tourism, whose advancement is reflected in all other economic sectors, which contributes to the implementation of the country’s sustainable development plans.
For his part, Ibrahim Al Shaibani said that in 2017, the company renovated the Sheraton Cairo Hotel, a 5-star hotel bearing the international hotel brand Sheraton; One of the brands of the Marriott International Group, the Sheraton Cairo Hotel is located in a location directly opposite the banks of the Nile and overlooking the most beautiful landmarks of the city. For more than 45 years, the hotel has attracted generations of guests and visitors who have enjoyed the warm welcome, hospitality and the scenic surroundings.
Sheraton Cairo is the first Sheraton hotel in Africa, which was established in 1970. The hotel consists of two towers adjacent to each other, namely; The Cleopatra Tower, which consists of 326 rooms and suites, was completely renovated in 2017, and the Nefertiti Tower, which consists of 334 rooms, is currently being renovated.
Banque Misr believes in the necessity of concerted efforts to support the state’s plans to support the national economy and is keen to play its vital role in supporting all activities that contribute to improving the life of Egyptian citizens.
The bank also seeks to provide banking and financial services in an easy and advanced manner, as the bank works to enhance the excellence of its services, maintain its long-term success and actively participate in services that meet the needs of its customers, as the bank’s work values and strategies always reflect its commitment to sustainable development and prosperity for Egypt.