Banque Misr extends EGP 10bn financing to Founders Real Estate Marketing
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Banque Misr has signed EGP 10 billion in financing agreements with Founders Real Estate Marketing, the marketing arm of Hyde Park Developments, to fund integrated residential, commercial and administrative projects in Egypt.
Banque Misr has extended EGP 10 billion in financing to Founders Real Estate Marketing, the marketing arm of Hyde Park Developments, under agreements signed in the presence of Egypt's Minister of Housing, Utilities and Urban Communities, Randa El Menshawy.
The signing ceremony was also attended by Waleed Abbas, Deputy Minister of Housing for Urban Communities; Ahmed Emara, Supervisor of the Real Estate and Commercial Affairs Sector at the New Urban Communities Authority (NUCA); Banque Misr CEO Hisham Okasha; and other senior officials. The agreements were signed by Yehia Aboul Fotouh, Chairperson of Hyde Park Developments and Vice Chairperson of Founders Real Estate Marketing, Amin Serag, Chairperson of Founders Real Estate Marketing and Managing Director of Hyde Park Developments, and Amr El Demerdash, Head of Corporate Credit.
The financing forms part of Banque Misr's strategy to support the real estate sector and finance projects offering integrated residential, commercial and administrative units. It supports Egypt's urban development plans in line with Egypt Vision 2030 and aims to stimulate economic activity across the sector and related industries.
El Menshawy said the signing reflected the banking sector's confidence in real estate development and the promising opportunities it offers, noting that the projects formed part of the state's efforts to provide housing units that meet citizens' diverse needs. She congratulated NUCA on an initiative that enables the company to participate in developing and marketing housing units for middle-income groups.
Okasha said the real estate sector was a key driver of economic growth, given its role in stimulating numerous related industries and creating substantial direct and indirect employment. He reaffirmed Banque Misr's commitment to supporting projects that contribute to economic growth and urban development.
Serag said the financing reflected the mutual trust and longstanding strategic relationship between the company and the bank, describing it as an important step towards supporting the expansion plans of both companies under a long-term institutional vision focused on measured growth. He added that long-term financing solutions were a key pillar of sustainable growth in the real estate sector, helping diversify funding sources and strengthen the financial capacity needed to develop projects.