Egypt’s Prime Minister, Mostafa Madbouly, witnessed on Monday the signing of financing agreements worth LE10 billion between Banque Misr and Founders, a real estate marketing subsidiary of Hyde Park Developments, to finance the purchase and marketing of assets owned by the New Urban Communities Authority (NUCA), alongside project-related operational costs.
The financing has a repayment period of up to eight years.
The signing ceremony took place at the government headquarters in the New Administrative Capital, in the presence of the Minister of Housing, Utilities and Urban Communities, Randa El-Menshawy, the Deputy Minister of Housing for Urban Communities, Walid Abbas, alongside senior officials from Banque Misr, Hyde Park Developments and Founders.
Housing Minister Randa El-Menshawy stressed that the agreement reflects confidence in Egypt’s real estate development sector and supports government efforts to provide housing that meets diverse needs, particularly those of middle-income households, while promoting integrated urban development in areas requiring further growth.
She also commended NUCA’s role in enabling the company to participate in developing and marketing housing units for this segment.
The Chief Executive Officer of Banque Misr, Hisham Okasha, highlighted the real estate sector’s contribution to economic growth through its supporting industries and services, investment generation and direct and indirect job creation.
He reaffirmed the bank’s commitment to financing integrated residential, commercial and administrative projects in line with Egypt’s Vision 2030.
The Chairman of Founders Real Estate Marketing and Managing Director of Hyde Park Developments, Amin Serag, said the financing reflects the longstanding strategic partnership between the companies and Banque Misr, as well as the bank’s confidence in their financial standing and expertise.
He added that long-term financing would diversify funding sources, strengthen financial capacity and support sustainable expansion.
Serag also highlighted Hyde Park’s two decades of experience in developing integrated urban communities aligned with the State’s sustainable development vision.
