As part of Banque Misr’s strategy to support the real estate sector and finance projects that contribute to providing integrated residential, commercial, and administrative units, in line with urban development plans under Egypt Vision 2030 and to boost economic activity across various sectors related to real estate development, Banque Misr has signed a long-term credit facility agreement worth EGP 10 billion with Founders, a subsidiary of Hyde Park Developments. The facility has a financing tenor of up to eight years and aims to finance the acquisition of a residential project owned by the New Urban Communities Authority (NUCA), in addition to covering the project’s related operational costs.

The signing took place in the presence of Mr. Hesham Okasha, Chief Executive Officer of Banque Misr; Mr. Yehia Aboul-Fotouh, Chairman of Hyde Park Real Estate Developments and Vice Chairman of Founders Property Management; Eng. Amin Serag, Chairman of Founders Property Management and Managing Director of Hyde Park Developments; Dr. Khaled Atris, Head of Legal Affairs at Banque Misr; and Mr. Amr Demerdash, Head of Corporate Banking and Syndicated Loans at Banque Misr, alongside an elite group of senior executives from Banque Misr, Hyde Park Developments, and Founders Property Management.

In this context, Mr. Hesham Okasha, Chief Executive Officer of Banque Misr, stated that the urban development sector is a vital driver of economic growth due to its role in stimulating numerous related industries and activities, creating both direct and indirect job opportunities, and generating added value for the Egyptian economy. He emphasized that supporting the real estate development sector and financing developmental projects falls within the framework of Egypt Vision 2030, which aims to enhance urban development and foster economic activity across various sectors.

He added that the impact of urban development is not limited to providing residential, commercial, and administrative units, but extends to encompass numerous supporting industries and services, thereby boosting production, driving investment, and creating employment opportunities. He reaffirmed Banque Misr’s commitment to maintaining its role in supporting projects that drive economic and urban development.

For his part, Eng. Amin Serag, Chairman of Founders Development and Managing Director of Hyde Park Developments, stated that this financing reflects the mutual trust and long-standing strategic partnership between the company and Banque Misr. He highlighted that it underscores the bank’s confidence in the financial solvency and expertise of Hyde Park and its marketing arm, Founders Property Management, emphasizing that the agreement marks an important step in supporting the expansion plans of both companies in accordance with a long-term corporate vision for well-studied growth.

He added that providing long-term financing solutions is a key pillar in supporting the sustainable growth of the real estate sector by diversifying funding sources and strengthening the financial capabilities required for project development. He noted that Hyde Park draws on two decades of experience in developing integrated urban communities that deliver lasting value to clients and align with state directives toward comprehensive urban development.

It is worth noting that Baker McKenzie acted as the legal counsel for the bank, responsible for drafting the financing agreement and security documentation in accordance with its scope of work.

This financing reaffirms Banque Misr’s commitment to supporting urban development and funding various projects to boost investment and support urban development plans, alongside providing integrated financing solutions that meet clients' needs and support their expansions and projects, ultimately yielding a positive impact on economic activity and sectors tied to the Egyptian real estate market.