Arab Finance: Orascom Development Egypt announced that one of its subsidiaries has signed a 10-year syndicated loan agreement worth EGP 18 billion with the National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank (CIB) to support the development of its O West project in 6th of October City, west of Cairo, as per an emailed press release.
Under the transaction, CIB acted as the initial lead arranger, bookrunner, facility agent, and account bank. Banque Misr served as the initial lead arranger, bookrunner, and security agent, while the NBE acted as the initial lead arranger and bookrunner.
MHR & Partners, in conjunction with White & Case, acted as legal counsel to Orascom Development, while Sarie-Eldin & Partners served as legal counsel to the participating banks.
The company said that the transaction represents a model of cooperation between the banking and real estate sectors, supporting long-term investments and reinforcing the role of financial institutions in financing urban and economic development projects in the Egyptian market.