A banking consortium led by Banque Misr—acting as Lead Arranger, Bookrunner, Facility Agent, Security Agent, Account Bank, and Lender—together with QNB Egypt, Abu Dhabi Commercial Bank – Egypt, ALEXBANK (part of the Intesa Sanpaolo Group), and MIDBANK, has successfully granted syndicated financing worth EGP 4.261 billion to Concrete Plus for Construction Industries. The financing will support the construction of units and chalets at the SouthMED project on the North Coast, a key development by Talaat Moustafa Group.

This financing represents a key phase within the SouthMED project on the North Coast. Concrete Plus will carry out construction works for this phase, including chalet units, excavation, concrete works, roads, infrastructure, and site landscaping. This step comes in line with the state’s strategy to develop the North Coast into a world-class tourist destination by enhancing infrastructure and implementing integrated real estate projects that increase capacity and advance tourism development goals. The project contributes to this vision by adding an advanced urban component in line with modern coastal planning and development standards.

The signing ceremony was attended by Hisham Okasha, CEO of Banque Misr; Mohamed Bedeir, CEO of QNB Egypt; Dr. Amr El Garhy, former Minister of Finance and CEO & Managing Director of MIDBANK; Paolo Vivona, CEO & Managing Director of ALEXBANK; Tamer Assem, Head of Corporate Banking at Abu Dhabi Commercial Bank – Egypt; Tarek Youssef, Founder and CEO of Concrete Plus; Hossam Fikry, Managing Director of Concrete Plus; and a group of senior executives from the participating banks and the company.

Hisham Okasha, CEO of Banque Misr, stated: "Banque Misr’s participation in this financing underscores its ongoing role in guiding banking consortia that support key development projects. As part of its strategy to support Egypt’s diverse economic sectors, the bank is committed to funding initiatives that generate employment across multiple disciplines. In particular, Banque Misr remains focused on the real estate sector, which plays a vital role in driving growth and achieving sustainable development."

He added: "Banque Misr continues to provide financing solutions that meet the needs of the real estate and contracting sectors, as well as other strategic sectors, supporting practical sustainable development plans in line with the state’s urban development strategies. I also commend the fruitful collaboration among the teams of the participating banks, which reflects the professionalism and efficiency in executing syndicated financing. Skilled banking teams remain a fundamental pillar in the success of such operations."

Mohamed Bedeir, CEO of QNB Egypt, said: “The bank’s role in this syndicated financing is part of our strategy to provide innovative financing solutions that meet the growing needs of various economic sectors, including the real estate and contracting sectors, which hold significant importance. This partnership reflects the bank’s commitment to supporting major projects in the country while adhering to the highest governance and efficiency standards in financing management. These partnerships also demonstrate investors’ confidence, both local and foreign, in the stability of the investment environment, contributing to economic growth and long-term sustainable development.”

Ihab ElSewerky‏ - ‏Managing Director & CEO at Abu Dhabi Commercial Bank – Egypt, said: “This syndicated financing aligns with our strategy to support the real estate sector and enhance the expansion plans of major companies, boosting their ability to accelerate execution and improve operational efficiency. It also reflects our confidence in national companies capable of creating added value in the Egyptian economy. We are keen to support our partners across vital sectors and remain committed to financing major projects that support the national economy. The collaboration with leading banks for Concrete Plus extends our track record of successful partnerships.”

Paolo Vivona, CEO & Managing Director of ALEXBANK, commented: “ALEXBANK’s contribution to this syndicated financing reaffirms our strong commitment to supporting key growth drivers in the Egyptian economy and enhancing innovative financing solutions that contribute to sustainable and inclusive development, in line with Intesa Sanpaolo Group’s strategy. The contracting and tourism sectors play a pivotal role in stimulating economic activity and supporting relevant value chains. We are proud to be part of financing this project, which adds real value to both sectors and strengthens constructive integration between the banking sector and strategic sectors in the country. We sincerely appreciate the professionalism and collaborative spirit of all participating banks and Concrete Plus, whose joint efforts were essential in successfully completing this syndicated loan.”

Dr. Amr El Garhy, former Minister of Finance and CEO & Managing Director of MIDBANK, said: “We are pleased to announce our participation in providing syndicated financing of EGP 4.261 billion to Concrete Plus for Industry and Contracting, supporting the company’s current expansions and several national and strategic projects. MIDBANK participates in this financing within the credit facilities provided, prepared in line with best risk and governance practices. This financing reflects our confidence in Concrete Plus’s financial and operational performance and underscores our ongoing commitment to supporting national companies and providing financing to enhance the state’s urban development plans. We will continue to strengthen our role in financing major projects that drive economic growth and create employment opportunities, aligned with the state’s Vision 2030 for sustainable development.”

Tarek Youssef, Founder and CEO of Concrete Plus, said: “This financing represents significant support for our plans to execute major projects with high quality, aligning with the growing role of the contracting sector in supporting urban development. This collaboration confirms financial institutions’ confidence in Concrete Plus’s technical and execution capabilities and reflects our position as a key partner in developing modern infrastructure and urban communities in Egypt.”

Concrete Plus is one of the largest contracting companies in the Egyptian market, with extensive experience in executing major projects in housing, infrastructure, urban development, and utilities. With its technical workforce, local capabilities, and commitment to the highest quality and safety standards, the company continues to strengthen its position as a trusted partner for real estate developers and various state entities, playing a pivotal role in advancing urban expansion and improving Egypt’s infrastructure.

The contracting and construction sector is a cornerstone of Egypt’s urban development, directly contributing to GDP and providing millions of direct and indirect jobs. The sector also attracts substantial local and foreign investments due to its vital role in supporting state plans for sustainable development and new cities and infrastructure. The SouthMED project aligns with the state’s strategy to develop the North Coast, one of the most promising tourist areas, given its prime location and great potential, supporting the state’s goal of attracting 30 million tourists by 2028.

The participating banks believe in the necessity of joint efforts to support the state’s plans for national economic advancement and are keen to play their vital role in supporting activities that contribute to a better life for Egyptian citizens.