{"id":654441,"date":"2024-11-03T00:00:00","date_gmt":"2024-11-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/"},"modified":"2024-11-03T00:00:00","modified_gmt":"2024-11-03T00:00:00","slug":"saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/","title":{"rendered":"Saudi Egyptian Developers secures EGP 4.4 bn from eight banks"},"content":{"rendered":"

SED secures EGP 4.4 bn to fund New Cairo project:<\/strong> New Urban Communities Authority and Saudi Finance Ministry JV Saudi Egyptian Developers (SED) has secured EGP 4.4 bn from a syndicate of eight banks led by FABMisr, according to a statement (pdf)<\/a>. The loan was 1.5 times oversubscribed and will fund a portion of the investment costs of the developer\u2019s EGP 25 bn mixed-use Central project<\/a> in New Cairo.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The breakdown:<\/strong> FABMisr \u2014 which led the syndicate as the primary lead arranger and financing agent \u2014 contributed the largest share of the loan with EGP 800 mn, followed by Emirates NBD at EGP 750 mn, Amwal Al Ghad reports, citing banking sources. Abu Dhabi Commercial Bank Egypt and Arab Bank each provided EGP 650 mn, while the Housing and Development Bank and EG Bank allocated EGP 500 mn each. Midbank added EGP 300 mn, while Al Baraka Bank contributed EGP 200 mn. <\/p>\n

The loan will allow SED to fast-track construction<\/strong>, with delivery expected within 3-4 years, company CEO Mohamed El Taher told Asharq Business<\/a>. Project investments have reached over EGP 26 bn, with sales exceeding EGP 36 bn, El Taher added. <\/p>\n

Advisors:<\/strong> Matouk Basiouny & Hennawy served as legal advisor to the lenders, while White & Case acted as legal counsel to the borrower. <\/p>\n

\n

GUARANTEES FROM THE EBRD- <\/p>\n

EBRD to help CIB boost SME lending:<\/strong> The European Bank for Reconstruction and Development (EBRD) will provide a EUR 25 mn unfunded financial guarantee for CIB to boost SME lending in Egypt, the lender said on its website<\/a>. The agreement has passed the final review and is pending approval. <\/p>\n

The details:<\/strong> The agreement will see the EBRD guarantee 50% of a portfolio worth up to EUR 50 mn of SME sub-loans that CIB will issue over the next five years, allowing the bank to expand its lending capacity nationwide. <\/p>\n

DIG DEEPER- <\/strong>September\u2019s EnterpriseAM Finance Forum<\/a> brought together some of the brightest minds in SME financing to discuss new and existing efforts to finance these higher-risk enterprises.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS- The EBRD will provide CIB with a EUR 25 mn unfunded financial guarantee for SME loans<\/p>\n","protected":false},"author":1,"featured_media":654442,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[204,7106,88,571,72,83,8246],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-banking","tag-debt","tag-debt-watch","tag-ebrd","tag-enterpriseam","tag-real-estate","tag-saudi-egyptian-developers","wpautop","entry"],"acf":{"mongo_id":"e361d58a-9b3b-4d01-8e73-30205cf75788","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/53.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Egyptian Developers secures EGP 4.4 bn from eight banks","related_issue":[654422],"teaser":"PLUS- The EBRD will provide CIB with a EUR 25 mn unfunded financial guarantee for SME loans","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.38ec7c3b-bd24-45d2-86ea-a3bcde8d620d.mp3"},"yoast_head":"\nSaudi Egyptian Developers secures EGP 4.4 bn from eight banks - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Egyptian Developers secures EGP 4.4 bn from eight banks\" \/>\n<meta property=\"og:description\" content=\"PLUS- The EBRD will provide CIB with a EUR 25 mn unfunded financial guarantee for SME loans\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-03T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/53.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Saudi Egyptian Developers secures EGP 4.4 bn from eight banks\",\"datePublished\":\"2024-11-03T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/\"},\"wordCount\":349,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/53.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"debt\",\"debt watch\",\"EBRD\",\"EnterpriseAM\",\"real estate\",\"Saudi Egyptian Developers\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/saudi-egyptian-developers-secures-egp-4-4-bn-from-eight-banks\/\",\"name\":\"Saudi Egyptian Developers secures EGP 4.4 bn from eight banks - 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The EFG Hermes subsidiary will sell EGP 400 mn of one-year, unsecuritized corporate bonds, after having raised the same amount when it kicked\u2026","rel":"","context":"In "DEBT WATCH"","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":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":654441,"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 "DEBT WATCH"","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":643538,"url":"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\/","url_meta":{"origin":654441,"position":3},"title":"Ora Developers secures EGP 7 bn from banking consortium. PLUS: SODIC signs EGP 4.1 bn loan agreement with CIB, Banque Misr","author":"enterpriseam admin","date":"10 September 2024","format":false,"excerpt":"CIB contributed some EGP 4 bn to the overall funding","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2566.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557237,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/evergrow-to-receive-loan-to-restructure-debts-arkan-palm-gets-egp-1-5-bn-for-sheikh-zayed-development\/","url_meta":{"origin":654441,"position":4},"title":"Evergrow to receive loan to restructure debts + Arkan Palm gets EGP 1.5 bn for Sheikh Zayed development","author":"enterpriseam admin","date":"12 September 2021","format":false,"excerpt":"Evergrow is getting a loan to restructure its debts: A consortium of 12 banks led by Mashreq Bank and the National Bank of Egypt (NBE) has began to disburse the USD 400 mn loanagreed with Evergrow earlier this year, which the Egyptian fertilizer firm will use to restructure its debts\u2026","rel":"","context":"In "DEBT WATCH"","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":568333,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/27\/tmg-tapping-securitized-bond-market-again\/","url_meta":{"origin":654441,"position":5},"title":"TMG tapping securitized bond market again","author":"enterpriseam admin","date":"27 December 2020","format":false,"excerpt":"Talaat Moustafa Group (TMG) subsidiary Al Rehab Securitization plans to issue EGP 885 mn in securitized bonds to finance the development of TMG\u2019s real estate projects, sources told Al Shorouk. No further details on the timeline for the issuance were given. In a statement (pdf) earlier this month, the FRA\u2026","rel":"","context":"In "WHO\u2019S IN THE MARKET FOR DEBT"","block_context":{"text":"WHO\u2019S IN THE MARKET FOR DEBT","link":"https:\/\/enterpriseam.com\/egypt\/category\/whos-in-the-market-for-debt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=654441"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654441\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/654422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/654442"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=654441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=654441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=654441"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=654441"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=654441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}