A banking alliance led by Suez Canal Bank has signed a joint financing agreement worth EGP 4.485bn in favour of Madkour Holding.
The financing will fund contracting works assigned by the Military Works Department of the Ministry of Defence for the supply and installation of underground cables along the Suez Road, replacing existing overhead lines as part of the state’s infrastructure modernisation programme.
Suez Canal Bank acted as the initial lead arranger, loan marketer, facility agent, security agent, documentation bank, and borrower account bank.
Participating institutions include Al Baraka Bank Egypt, Industrial Development Bank, The United Bank, Bank ABC, Abu Dhabi Commercial Bank, and the Egyptian Arab Land Bank.
Suez Canal Bank
Akef El-Maghraby, CEO and Managing Director of Suez Canal Bank, said that the bank’s leadership of this alliance reflects its strategic vision to support national projects, particularly those in vital infrastructure sectors, which are key drivers of Egypt’s economic growth.
He added that the transaction demonstrates the bank’s expertise in structuring and managing large-scale financing operations, marking a continuation of its strategic partnership with Madkour and its ongoing role in backing critical sectors of the Egyptian economy.
Industrial Development Bank
Hussein Refaie, CEO and Managing Director of Industrial Development Bank (IDB), affirmed that the bank’s participation aligns with its strategy to finance national projects with clear economic feasibility, ensuring sustainable returns for the Egyptian economy.
He emphasised that the financing highlights the bank’s commitment to supporting priority sectors, including infrastructure, energy, and contracting, while reinforcing its role among Egypt’s active banks through tailored financial solutions and strategic partnerships with local financial institutions.
Refaie concluded that Industrial Development Bank remains committed to expanding financing for productive sectors in support of the state’s economic development plans, thereby consolidating its position within Egypt’s banking market.
The United Bank
Tarek Fayed, CEO and Managing Director of The United Bank, stated that the bank’s participation in the seven-bank alliance reflects its support for the Egyptian state’s development agenda and the Central Bank of Egypt’s efforts to stimulate private sector investment in line with Egypt Vision 2030.
He explained that this contribution will inject new investments into major infrastructure projects with significant economic and social impact.
Fayed noted that Egypt offers strong economic fundamentals and broad opportunities for sustainable development, adding that greater private sector engagement in long-term infrastructure investments—across energy, transport, and logistics—is key to diversifying growth and creating added value for the national economy.
Al Baraka Bank Egypt
Hazem Hejazy, CEO and Vice Chairperson of Al Baraka Bank Egypt, expressed pride in the bank’s participation, stating: “Our participation in this syndicated financing—through our role as arranger and a contribution of EGP 500m—reflects our confidence in leading institutions such as Madkour Group and its partners. It aligns with Al Baraka Bank Egypt’s strategy to forge long-term partnerships with key entities that drive the national economy forward.
This also reaffirms our ability to deliver efficient Sharia-compliant financing solutions, built on a deep understanding of market dynamics and sound financial planning, enabling clients to execute projects to the highest standards of quality and commitment.”
Abu Dhabi Commercial Bank Egypt
Ehab El Sewedy, CEO and Managing Director of Abu Dhabi Commercial Bank Egypt (ADCB), stated: “This financing underscores our commitment to supporting the state’s development plans and infrastructure initiatives, which form a cornerstone of Egypt’s economic resilience.
It also reaffirms Abu Dhabi Commercial Bank’s vital role in supporting major national projects across multiple sectors, contributing to the achievement of Egypt Vision 2030 and the creation of a more sustainable and competitive economy.”
Bank ABC Egypt
Ahmed Khattab, Head of Financial Institutions and Corporate Banking at Bank ABC Egypt, said: “Our support for Madkour Holding stems from our commitment to investing in projects that enhance Egypt’s infrastructure. ABC Bank continuously seeks to support the local economy through tailored financing solutions.
The bank has an ambitious growth strategy for the Egyptian market and aims to expand corporate financing while delivering distinguished banking services.”
Madkour Holding
Mostafa Madkour, Chairperson and CEO of Madkour Holding, expressed appreciation for the collaboration with Suez Canal Bank and the participating banks, describing it as a model of integration between the banking and private sectors in driving national development.
He noted that the project to replace overhead cables with underground ones along the Suez Road is a strategic national project of high importance, reaffirming Madkour’s commitment to implementing it in line with quality standards that support the state’s infrastructure modernisation plans.
