Arab Finance: The Egyptian Social Housing and Mortgage Finance Fund (SHMFF) has secured a six-year syndicated loan worth EGP 50 billion from a consortium of 11 state-owned and private banks to finance medium- and low-income housing projects, according to an emailed press release.
The consortium includes Banque Misr, the National Bank of Egypt (NBE), Banque du Caire, Housing and Development Bank, Commercial International Bank (CIB), QNB Alahli, Arab African International Bank (AAIB), Bank NXT, Midbank, Industrial Development Bank (IDB), and United Bank.
The NBE serves as the lead arranger, underwriter, document manager, financing marketer, and financing agent within the banking consortium.
The loan will contribute to completing the funding of 304,106 residential units, as well as establishing 30,000 eco-friendly residential units, SHMFF’s CEO Mai Abdel Hamid said.