Banque Misr has signed an EGP 10 billion long-term credit agreement with Founders Real Estate Marketing Company, a subsidiary of Hyde Park Real Estate Development Company.

The loan facility features a tenure of up to eight years. Funding will go towards acquiring a residential project from the New Urban Communities Authority, alongside covering associated operational costs for the site.

The deal aligns with Banque Misr’s strategy to back the Egyptian real estate market, support national urban development goals and finance projects delivering commercial, administrative and residential spaces under Egypt’s Vision 2030. Legal advisory services for the bank during contract drafting and guarantee structuring were handled by Baker McKenzie.

High-level representatives from all involved organisations attended the signing. Attendees included Banque Misr CEO Hisham Okasha, Hyde Park Real Estate Development Chairman and Founders Real Estate Marketing Vice Chairman Yahya Abu El-Fotouh, and Founders Real Estate Marketing Chairman and Hyde Park Real Estate Development Managing Director Eng. Amin Siraj. Banque Misr Head of Legal Sector Dr Khaled Atrees and Head of Corporate Credit and Syndicated Loans Sector Amr Demerdash were also present.

Mr. Hisham Okasha, CEO of Banque Misr, stated that the urban development sector is a vital contributor to economic growth, given its role in stimulating numerous related industries and activities, creating direct and indirect job opportunities, and thus adding value to the Egyptian economy. He emphasised that supporting the real estate development sector and financing development projects aligns with Egypt’s Vision 2030, which aims to bolster urban development and support economic activity across all sectors.

He added that urban development not only has effects on providing residential, commercial and administrative units, but also extends to include many industries and supporting services, which enhances the movement of production and investment and supports job opportunities, stressing the Bank of Egypt’s keenness to continue its role in supporting projects that contribute to driving the wheel of economic and urban development.

Eng. Amin Siraj, Chairman of the Board of Directors of Founders Real Estate Marketing Company and Managing Director of Hyde Park Real Estate Development Company, stated that this financing reflects the mutual trust and long-standing strategic relationship between the company and Banque Misr. He emphasised that it underscores the bank’s confidence in the financial solvency and expertise of Hyde Park and its marketing arm, Founders Real Estate Marketing Company. He affirmed that the agreement represents a significant step in supporting the expansion plans of both companies, in accordance with a long-term corporate vision for well-considered growth. He added that providing long-term financing solutions is a cornerstone for supporting the sustainable growth of the real estate sector by diversifying funding sources and enhancing the financial capabilities necessary for project development. He noted that Hyde Park leverages its two decades of experience in developing integrated urban communities that offer sustainable value to clients and align with the state’s direction towards comprehensive urban development.