Banque Misr recently signed a credit facility agreement with Hyde Park Developments, granting a medium-term loan of EGP 2.6 billion to partially finance the investment cost of the Seashore project in the North Coast.

The signing ceremony was attended by Mr. Hisham Okasha, CEO of Banque Misr; Mr. Hassan Ghanem, Chairman of Hyde Park Developments and CEO and Managing Director of the Housing and Development Bank; Mr. Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr; and Eng. Amin Serag, Managing Director of Hyde Park Developments, along with a distinguished group of executives from both entities.

It is worth mentioning that the Seashore project in the North Coast spans 240 acres and includes residential and hotel units for sale, as well as commercial units for lease.

Okasha stated that the bank’s participation in this financing reflects its leading role in supporting the Egyptian economy. He highlighted that real estate is a key sector, given its strong link to numerous industries and intermediary activities. Banque Misr is committed to financing such projects to create more job opportunities across various fields, thereby contributing effectively to economic development.

He also emphasized the bank’s focus on supporting real estate development companies and its dedication to assisting developers in strengthening the Egyptian real estate market and expanding investment opportunities. This aligns with the state’s urban development plan under Egypt’s Vision 2030.

In the same context, Ghanem expressed his pride in the partnership with Banque Misr, emphasizing that this collaboration reflects a shared vision to support real estate and tourism investment. He further highlighted that this serves as a model for successful synergy between financial institutions and leading real estate developers.

Ghanem noted that the Seashore project marks a significant milestone in Hyde Park’s journey toward developing integrated urban communities with both investment and tourism potential. He reaffirmed the company’s commitment to advancing its strategy of expanding investments in major tourism and investment projects, delivering developments that comply with international standards and bring added value to Egypt’s real estate market.

He also pointed out that these efforts align with the government’s plans to develop Egypt’s Northwest Coast by expanding large-scale investment and economic projects in new cities. This initiative enhances the region’s appeal to both local and international investors, creates job opportunities, and contributes to economic growth and sustainable development.

Khairat underscored the bank’s ongoing commitment to providing diverse financing solutions in the real estate sector. He highlighted that Banque Misr supports both individuals, through housing unit financing, and real estate developers, with tailored financing options that align with their varied needs, particularly within Egypt’s new urban communities.

Khairat further noted that this financing marks the beginning of a strategic partnership with Hyde Park Developments, reflecting the bank’s confidence in the Seashore project as a high-potential development that combines quality and innovation in Egypt’s North Coast.

On his part, Serag reaffirmed that this financing reflects Banque Misr’s confidence in the company, highlighting its strategic success and ability to achieve sustainable growth. He expressed Hyde Park’s ambition to continue driving innovation and expanding its real estate footprint in the coming period.

He highlighted that the Seashore project is a significant addition to the real estate sector, combining luxury with versatility through high-end residential and hotel units that adhere to the highest global standards. He reaffirmed the company’s commitment to developing projects that enhance quality of life and transform coastal destinations, emphasizing that the project will set new industry benchmarks for integrated coastal developments in Egypt.

Banque Misr continuously enhances its services to meet customer expectations while actively engaging in initiatives and partnerships that create value for various customer segments. The bank’s values and strategic framework consistently reflect its dedication to sustainable development and Egypt’s economic prosperity.