Mabany Edris secures EGP 975m NBE facility for Koun project in Ras El Hekma
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The National Bank of Egypt is extending a five-year, EGP 975 million facility to developer Mabany Edris to speed up construction of its Koun development on the North Coast, as buyer payment plans stretch far beyond build timelines.
The National Bank of Egypt (NBE) is extending a EGP 975 million, five-year facility to real estate developer Mabany Edris to finance part of its Koun development in Ras El Hekma, according to a report by Al Mal cited by EnterpriseAM.
Mabany Edris chairman Mohamed Edris said the company is racing to complete its existing projects, Koun among them, and aims to begin handovers ahead of schedule. The developer did not disclose the total investment cost of the project or the number of units covered by the financing.
The facility comes as developers on Egypt's North Coast face a cashflow squeeze. Payment plans have stretched to an average of about 7.8 years, up from about 4.5 years in 2023-2024, according to Knight Frank, while Koun's own plan runs up to 10 years, according to the developer's website, leaving construction costs due well before customer instalments arrive.
Bank financing has become a common bridge for North Coast developers managing that gap, allowing work to continue while unit sales are collected over longer schedules. The terms attached to the NBE facility, including pricing and security, were not disclosed in the report.