A banking consortium led by Bank Misr—acting as Initial Mandated Lead Arranger, Bookrunner, Facility Agent, Security Agent, Account Bank, and Lender — alongside QNB Alahli, ADCB Egypt, and Bank of Alexandria (part of Intesa Sanpaolo’s International Subsidiary Banks Division) as Mandated Lead Arrangers and Lenders, and MidBank as Lender and General Arranger, has successfully arranged a syndicated loan totaling EGP 4.261 billion in favor of Concrete Plus for Construction and Industry
The loan will finance part of the construction of residential and chalet units within the South Med project on the North Coast — one of Talaat Moustafa Group’s flagship developments.
This financing represents a major phase of the South Med project, with Concrete Plus responsible for the construction works, including chalet units, excavation, concrete works, road construction, utilities, and site development.
The project aligns with Egypt’s ongoing national efforts to develop the North Coast into a world-class tourism destination by upgrading infrastructure and implementing integrated real estate developments that enhance capacity and support tourism growth objectives.
The project adds a modern urban component consistent with international coastal development standards.
The signing ceremony was attended by
Hisham Okasha, CEO of Bank Misr
Mohamed Bedeir, CEO of QNB Alahli
Dr. Amr El-Garhy, Former Minister of Finance & CEO and Managing Director of MidBank
Paolo Vivona, CEO and Managing Director of Bank of Alexandria
Tamer Assem, Head of Corporate Banking at ADCB Egypt
Tarek Youssef, Chairman & Managing Director of Concrete Plus
Hossam Fekry, Vice Chairman
in addition to senior executives from the participating banks and the company.
Statements from participating institutions
Hisham Okasha, CEO of Bank Misr, said:
“Bank Misr’s participation in this financing reaffirms our continued leadership in structuring major syndicated loans that support national development projects. This aligns with our strategy to finance diverse economic sectors, create jobs, and strengthen our role in supporting vital sectors—especially real estate—which contributes to economic growth and sustainable development.”
He added that Bank Misr remains committed to providing tailored financial solutions for the real estate and contracting sectors, praising the professionalism and coordination among the participating banks’ tems.
Mohamed Bedeir, CEO of QNB Alahli, stated:
“Our participation in this syndicated loan is part of our strategy to offer innovative financing solutions that meet the evolving needs of key economic sectors, including the critically important real estate and construction sector.
This partnership reflects our commitment to supporting major national projects and maintaining the highest standards of governance and credit management.”
He noted that such collaborations demonstrate local and foreign investor confidence in Egypt’s stable investment climate and support long-term sustainable economic growth.
Ehab El-Sewedy, CEO and Managing Director of ADCB Egypt, said:
“This syndicated loan supports our strategy to empower the real estate sector and enable major companies to accelerate execution and enhance operational efficiency. It reflects our confidence in national companies capable of creating real economic value.”
He stressed the bank’s ongoing commitment to financing large-scale projects that contribute to economic development.
Paolo Vivona, CEO and Managing Director of Bank of Alexandria, commented:
“Our contribution to this syndicated loan reaffirms our commitment to supporting key growth engines of the Egyptian economy and providing innovative financing solutions aligned with Intesa Sanpaolo Group’s strategy.
The construction and tourism sectors play a pivotal role in stimulating economic activity and strengthening related value chains.”
He expressed pride in supporting a project that enhances both sectors, and extended appreciation to all participating banks and Concrete Plus for their professionalism and collaboration.
Dr. Amr El-Garhy, CEO and Managing Director of MidBank, said:
“We are pleased to participate in this EGP 4.261 billion syndicated loan to support Concrete Plus in its ongoing expansions and strategic national projects. The facilities were structured in line with leading risk and governance practices, reflecting our confidence in the company’s strong financial and operational performance.”
He affirmed MidBank’s commitment to financing major development projects aligned with Egypt’s Vision 2030.
Eng. Tarek Youssef, Founder and CEO of Concrete Plus, stated:
“This financing is a significant boost to our plans to execute major projects at the highest quality standards. It reflects the trust of financial institutions in Concrete Plus’s technical and execution capabilities and reinforces our role as a key partner in developing Egypt’s modern urban and infrastructure landscape.”
Concrete Plus is one of Egypt’s leading construction companies, with extensive experience in major residential, infrastructure, and urban development projects. Through its skilled workforce, strong capabilities, and adherence to top quality and safety standards, the company continues to strengthen its position as a trusted partner for state entities and major developers, contributing to urban expansion and infrastructure enhancement nationwide.
The construction sector remains a cornerstone of Egypt’s development, contributing significantly to GDP, generating millions of jobs, and attracting substantial local and foreign investment. The South Med project is part of Egypt’s strategy to develop the North Coast—one of the country’s most promising tourism regions—to help achieve the national goal of attracting 30 million tourists by 2028.
The participating banks reaffirmed their commitment to supporting the state’s development plans and to playing an active role in financing strategic projects that enhance Egyptians’ quality of life.
