Orascom Development Egypt (ODE), one of Egypt’s leading real estate and tourism developers, announced that its subsidiary, Orascom Real Estate, has secured a 10-year syndicated financing facility worth EGP 18bn from the Commercial International Bank-Egypt (CIB), Banque Misr, and the National Bank of Egypt (NBE) to support the continued development of its flagship O West project in West Cairo.
The agreement was signed in the presence of Naguib Sawiris, Chairperson of Orascom Holding Development and Orascom Development Egypt; Iskandar Taama, Chairperson of Orascom Development Egypt; Amr El Ganainy, Deputy CEO and Executive Board Member of CIB; Hisham Okasha, CEO of Banque Misr; Mohamed El Etreby, CEO of the National Bank of Egypt; and senior executives from ODE and the participating banks.
The financing will support the completion of current and future development phases at O West, accelerate construction in line with the project’s continued growth and rising demand, and reinforce ODE’s long-term expansion strategy.
According to the company, securing financing of this size and tenor reflects the confidence of Egypt’s leading banking institutions in Orascom Real Estate’s operational performance, asset quality, long-term strategy, and ability to obtain long-term funding on competitive terms. The transaction also highlights the growing cooperation between the banking and real estate sectors in supporting large-scale investments and financing urban development projects.
Under the agreement, CIB is acting as the Initial Mandated Lead Arranger (IMLA), Bookrunner, Facility Agent, and Account Bank. Banque Misr is serving as IMLA, Bookrunner, and Security Agent, while the National Bank of Egypt is acting as IMLA and Bookrunner.
MHR & Partners, in cooperation with White & Case, acted as legal counsel to Orascom Real Estate, while Sarie Eldin & Partners served as legal adviser to the participating banks throughout the transaction.
Iskandar Taama said the company believes that genuine investment is inherently long term, adding that ODE views the Egyptian market as one of the region’s most promising investment destinations due to its strong growth fundamentals and attractive opportunities.
He said the company’s continued investments and expansion reflect its confidence in Egypt’s long-term economic prospects and its ability to create sustainable value. He described O West as one of ODE’s flagship developments, designed as an integrated and sustainable city rather than a conventional real estate project.
Taama added that the financing agreement will support the project’s future expansion in line with growing demand while ensuring the implementation of the company’s vision to the highest quality standards. The facility also demonstrates the confidence that major financial institutions place in Orascom Development Egypt, reflecting the strength of its business model, the quality of its assets, and its ability to deliver projects that generate sustainable value for customers while contributing to Egypt’s urban and economic development.
Amr El Ganainy, Deputy CEO and executive board member of CIB, said the transaction underscores the bank’s strategic role in arranging and managing syndicated financing facilities that support economic growth and strengthen Egypt’s real estate sector through financing major development projects.
He added that financing the O West project marks another milestone in the development of integrated urban communities, reaffirming CIB’s commitment to providing innovative financing solutions that create added value for all stakeholders while supporting the country’s development agenda.
Commenting on the agreement, Hisham Okasha, CEO of Banque Misr, said the bank’s participation in the syndicated facility, with a commitment of EGP 7bn, reflects its role in supporting the Egyptian economy and its extensive expertise in syndicated finance.
He added that Banque Misr remains committed to providing integrated financing solutions for key economic sectors, particularly real estate, which is one of the main drivers of economic growth.
Okasha noted that the bank places particular emphasis on supporting property developers and major urban development projects, helping attract investment, create employment opportunities, and advance economic development in line with Egypt Vision 2030. He also praised the close cooperation between the participating banks’ teams, which contributed to the successful completion of the transaction.
Mohamed El Etreby, CEO of NBE, said the bank’s participation forms part of its strategy to support large-scale projects with strong economic and developmental returns.
He added that financing the O West project reflects NBE’s commitment to working alongside leading financial institutions and major companies to finance projects that support Egypt’s urban development plans and sustainable economic growth. He noted that the bank participated as an Initial Mandated Lead Arranger and Bookrunner, while also acting as the Account Bank for the borrower’s equity contribution.
The agreement underscores the growing cooperation between Egypt’s banking and real estate sectors and highlights the pivotal role of financial institutions in supporting large-scale investments and enabling the continued expansion of strategic urban development projects.
