{"id":643538,"date":"2024-09-10T00:00:00","date_gmt":"2024-09-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/10\/ora-developers-secures-egp-7-bn-from-banking-consortium-plus-sodic-signs-egp-4-1-bn-loan-agreement-with-cib-banque-misr\/"},"modified":"2024-09-10T00:00:00","modified_gmt":"2024-09-10T00:00:00","slug":"ora-developers-secures-egp-7-bn-from-banking-consortium-plus-sodic-signs-egp-4-1-bn-loan-agreement-with-cib-banque-misr","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/10\/ora-developers-secures-egp-7-bn-from-banking-consortium-plus-sodic-signs-egp-4-1-bn-loan-agreement-with-cib-banque-misr\/","title":{"rendered":"Ora Developers secures EGP 7 bn from banking consortium. PLUS: SODIC signs EGP 4.1 bn loan agreement with CIB, Banque Misr"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Real estate developers are continuing to look to banks \u2014 both private and public \u2014 to<\/strong><strong> fund ongoing projects<\/strong>, with Ora and SODIC being the latest to ink multi bn loan agreements.<\/p>\n<p class=\"tag-border-left\">ORA LOOKS TO LOCAL BANKS TO FUND ZED EAST PROJECT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Ora Developers secures EGP 7 bn in financing from banking consortium:<\/strong> Sawiris-owned Ora Developers has been granted financing from a consortium of four Egyptian banks led by CIB, according to statements from <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/635.pdf\" style=\"\" rel=\"noopener\">CIB (pdf)<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/652.pdf\" style=\"\" rel=\"noopener\">Al Baraka Bank (pdf)<\/a>. We are yet to find out who the other two other local banks in the consortium are.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know so far: <\/strong>While the structure of the financing is still fuzzy, we know that CIB contributed EGP 4 billion and Al Baraka Bank EGP 1 bn. The remaining EGP 3 bn is split between the two other still unknown banks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the money is going: <\/strong>The funds will be used to cover part of the cost of Ora\u2019s <a target=\"_blank\" href=\"https:\/\/www.oradevelopers.com\/properties\/zed-east\" style=\"\" rel=\"noopener\">ZED East<\/a> project, a mostly residential mixed-use project spanning 334 acres in New Cairo.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> CIB acted as the lead arranger, marketer, financing agent, and account bank for the transaction. Matouk Bassiouny &amp; Hennawy provided legal counsel for the lenders, while MHR &amp; Partners in association with White &amp; Case provided counsel for the borrowers. <\/p>\n<p class=\"tag-border-left\">SODIC INKS LOAN TO FINANCE NEW ZAYED PROJECT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SODIC signs EGP 4.1 bn syndicated loan agreement with two banks: <\/strong>Real estate developer SODIC has signed an agreement with Banque Misr and CIB for a long-term syndicated loan of just over EGP 4.1 bn, the company announced in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/647.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s the money for? <\/strong>The company will use the funds to partially finance the remaining costs related to its 464-acre project in New Zayed, which includes its Karmell and Vye developments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThe signing of this facility comes as a testament to SODIC\u2019s solid financial performance, strong cash flows, and liquid balance sheet as well as the strength of SODIC\u2019s long-term relationships with Egypt's leading banks, facilitating the company\u2019s access to the debt market, and supporting SODIC\u2019s growth endeavors,\u201d SODIC General Manager Ayman Amer said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong>Baker McKenzie and White &amp; Case were thanked in the statement, however their role in the transaction was not specified.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CIB contributed some EGP 4 bn to the overall funding<\/p>\n","protected":false},"author":1,"featured_media":643539,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[1156,576,240,88,72,2065,599,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-al-baraka-bank","tag-banque-misr","tag-cib","tag-debt-watch","tag-enterpriseam","tag-naguib-sawiris","tag-ora-developers","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"95feb5d6-b46f-418b-bb69-00a22a6f6888","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2566.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sawiris\u2019 Ora Developers secures EGP 7 bn in financing from consortium of banks led by CIB.  PLUS: SODIC signs EGP 4.1 bn loan agreement with CIB, Banque Misr","related_issue":[643530],"teaser":"CIB contributed some EGP 4 bn to the overall funding","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.4b16f598-3db8-4e86-8d17-21b07049c7c7.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ora Developers secures EGP 7 bn from banking consortium. 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The banks include CIB, the National Bank of Egypt, and Banque Misr.","rel":"","context":"In &quot;Banking + Finance&quot;","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":657793,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/26\/madinet-masr-secures-egp-9-bn-syndicated-loan\/","url_meta":{"origin":643538,"position":1},"title":"Madinet Masr secures EGP 9 bn syndicated loan","author":"enterpriseam admin","date":"26 December 2024","format":false,"excerpt":"Madinet Masr will use the EGP 9 bn mid-term revolving facility to fund its mix-use project developments.","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2070.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576560,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/30\/palm-hills-closes-egp-1-25-bn-securitized-bond-sale-more-corporate-sukuk-issuance-on-the-way\/","url_meta":{"origin":643538,"position":2},"title":"Palm Hills closes EGP 1.25 bn securitized bond sale + more corporate sukuk issuance on the way","author":"enterpriseam admin","date":"30 November 2020","format":false,"excerpt":"Palm Hills (PHD) has closed a triple-tranche EGP 1.25 bn securitized bond issuance, in a transaction handled by CI Capital Investment Banking (CIIB) and the Arab African Bank, Palm Hills (pdf) and CI Capital (pdf) said in EGX filings. The issuance, backed by a receivables portfolio worth EGP 1.5 bn,\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/310.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654441,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/","url_meta":{"origin":643538,"position":3},"title":"Saudi Egyptian Developers secures EGP 4.4 bn from eight banks","author":"enterpriseam admin","date":"3 November 2024","format":false,"excerpt":"PLUS- The EBRD will provide CIB with a EUR 25 mn unfunded financial guarantee for SME loans","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/53.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567650,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/02\/whos-in-the-market-for-debt-2\/","url_meta":{"origin":643538,"position":4},"title":"Who\u2019s in the market for debt?","author":"enterpriseam admin","date":"2 December 2020","format":false,"excerpt":"Banque du Caire is getting USD 30 mn in tier-two capital under a financing agreement with German development bank KfW\u2019s Sanad fund, Hapi journal reports. The facility, the final agreement for which Banque du Caire and Sanad signed yesterday, will be used for on-lending to SMEs and farmers. MEANWHILE- Ora\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596368,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/26\/marakez-gets-egp-1-5-bn-loan-from-5-banks-to-build-katameya-mall\/","url_meta":{"origin":643538,"position":5},"title":"Marakez gets EGP 1.5 bn loan from 5 banks to build Katameya mall","author":"enterpriseam admin","date":"26 August 2019","format":false,"excerpt":"Real estate developer Marakez has agreed a EGP 1.5 bn syndicated loan with five banks to build a mall in Katameya, banking officials told Al Shorouk. 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