Banque Misr signs 10 billion EGP real estate financing deal

Banque Misr has signed financing contracts worth 10 billion Egyptian pounds to support Founders Real Estate Marketing, a subsidiary of Hyde Park Developments. The financing, which has a term of up to eight years, is intended to fund the purchase and marketing of assets owned by the New Urban Communities Authority, as well as to cover related operational costs.

The signing ceremony was attended by Egyptian Prime Minister Mostafa Madbouly, Minister of Housing Randa El-Minshawy, and executives from Banque Misr and Hyde Park Developments. The initiative aligns with Egypt's 2030 vision to support urban development and provide integrated residential, commercial, and administrative units.

Minister El-Minshawy noted that the agreement reflects the banking sector's confidence in the real estate development industry and its potential for growth. The projects aim to support integrated urban development and provide housing solutions that meet the needs of various citizens, including middle-income groups.