Emirates NBD-Egypt has signed a syndicated loan agreement with Ora Developers Egypt
The agreement secures EGP 2.54 Bn loan to finance construction of new 'ZED' project, Sheikh Zayed
Cairo, Egypt, 24th of January 2021 – Emirates NBD - Pursuing its role in supporting major economic and construction projects in Egypt, Emirates NBD-Egypt has signed a syndication loan in favor of Ora Developers for a total facility of EGP 2.54 Billion to partially finance the construction of the first and second phases of 'ZED' project in Sheikh Zayed.
'ZED' Sheikh Zayed is a new multipurpose integrated project, consisting of 6 phases that will include 4,500 fully finished residential units, in addition to commercial and administrative spaces.
The banks' syndication included Banque Misr, the Export Development Bank of Egypt and Housing and Development Bank. Amr Azab, Head of Corporate Banking at Emirates NBD-Egypt, attended the contract signing ceremony alongside several top officials from the lending banks and Naguib Sawiris, CEO of Ora Developers.
This collaboration highlights Emirates NBD-Egypt's endeavors to offer its services and support to the industrial sector in Egypt, furthermore, it underlines the bank's efforts to strengthen the ties with other banks to finance major construction projects.
"We are very glad to sign this loan agreement with Ora Developers to partially finance the construction of 'ZED' Sheikh Zayed, the crown jewel project of Ora Developers Egypt," Mohamed Berro, CEO of Emirates NBD-Egypt. "Our collaboration with the other banks represents the important role the financial sector plays in supporting national investment and financing major projects, which ultimately provides more jobs and reinforces the national economy." He added.
Ora Developers is armed with years of experience in construction and development of projects in various markets such as London, Cyprus, Grenada, Pakistan and Egypt.