Arab Finance: Prime Minister Mostafa Madbouly witnessed the signing of EGP 10 billion financing agreements between Banque Misr and Founders Real Estate, a subsidiary of Hyde Park Developments, according to a statement.

The eight-year partnership aims to fund the purchase and marketing of assets owned by the New Urban Communities Authority (NUCA), while covering project-related operational expenses.

The agreement aligns with Banque Misr’s strategy to support Egypt’s real estate sector by financing projects that offer integrated residential, commercial, and administrative units. It also aims to support developers’ expansion plans and contribute to urban development within the framework of Egypt Vision 2030.

Minister of Housing, Utilities, and Urban Communities Randa El-Menshawy said the agreement reflects the banking sector’s confidence in the real estate development market and the investment opportunities it offers.

El-Menshawy noted that the planned development projects align with the government’s efforts to provide housing units that meet the diverse needs of citizens.

NUCA also welcomed the agreement, which will enable Founders Real Estate to help develop and market housing units for middle-income earners.

For his part, Hesham Okasha, CEO of Banque Misr, highlighted the real estate sector’s vital role as a key driver of economic growth, reflecting its contribution to creating direct and indirect job opportunities, thereby supporting the Egyptian economy.