Ora Developers Egypt, part of Naguib Sawiris-led Ora Developers Group, signed a loan agreement with four banks for 2.54 billion Egyptian pounds ($161.5 million), Emirates NBD Egypt – one of the four lenders – said in a statement on Sunday.
The loan, which is agreed with Banque Misr, Emirates NBD, Export Development Bank (EDBE), and Housing and Development Bank (HDB), will partially finance the development and construction of Ora’s ZED West Project Phase I and II in the Cairo suburb of Sheikh Zayed City.
ZED El Sheikh Zayed’s project is a mixed-use development, which comprises of six phases with more than 4,500 fully finished residential units, in addition to commercial, and administrative units.
“This collaboration highlights Emirates NBD-Egypt’s endeavors to offer its services and support to the industrial sector in Egypt, furthermore, it underlines the bank’s efforts to strengthen the ties with other banks to finance major construction projects.” Emirates NBD-Egypt’s statement read.
“We are very glad to sign this loan agreement with Ora Developers to partially finance the construction of ‘ZED’ Sheikh Zayed, the crown jewel project of Ora Developers Egypt,” Mohamed Berro, CEO of Emirates NBD-Egypt.
“Our collaboration with the other banks represents the important role the financial sector plays in supporting national investment and financing major projects, which ultimately provides more jobs and reinforces the national economy.” Berro added.
