The National Bank of Egypt (NBE) has signed a long-term financing agreement worth EGP 3bn with Ora Developers Egypt to help fund part of the investment cost for Solana West, one of the company’s flagship real estate developments in West Cairo.
The partnership aligns with the state’s strategy to foster integrated urban communities that provide modern living standards, as part of ongoing cooperation between Egypt’s banking sector and major real estate developers to advance nationwide urban development.
Mohamed El-Etreby, CEO of NBE, said the financing will provide Ora Developers with the capital needed to accelerate construction works on Solana West, contributing to urban expansion efforts in new cities. He added that the initiative supports Egypt’s vision to develop well-planned communities with comprehensive infrastructure, helping to ease population congestion in densely populated districts.
El-Etreby emphasized NBE’s commitment to financing projects across key economic sectors, including private real estate, which he described as a vital driver of economic growth and job creation, particularly for youth. He noted that the loan arrangement reflects the Bank’s pivotal role in supporting national development projects and strengthening Egypt’s economic base.
Naguib Sawiris, Chairperson of Ora Developers Group, expressed his pride in the collaboration, saying: “This partnership highlights the essential role of cooperation between the banking and real estate sectors in advancing urban development with the highest quality standards. We value the trust of national financial institutions, particularly NBE, in Ora Developers as a reliable partner. The financing of Solana West marks a significant step toward achieving our vision of building fully integrated communities, while also supporting the state’s plans for urban expansion in West Cairo and contributing positively to the real estate market.”
