ABK - Egypt leads a banking alliance valued EGP 575 mn to finance Idea Verde Real Estate Investment

Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) announced leading a long-term syndication alliance for 575 million Egyptian Pounds in its capacity as the lead arranger and facility agent of the transaction with a share of 350 million Egyptian Pounds with the participation of MIDBANK with a share of 225 million Egyptian Pounds and Al Ahli Kuwait Egypt Leasing Company as the security agent.

This long-term syndication loan aims to provide a credit line for Idea Verde Real Estate Investment Company to finance the cost of the company’s activities and new real estate and investment projects over a period of five years.

The Bank’s success in this deal indicates its competence, professionalism and ability to manage joint loans in various sectors.It is worth mentioning that the total value of the facilities granted by ABK-Egypt to El Sewedy Group is valued at 1.8 billion Egyptian Pounds, including a facility for 730 million Egyptian Pounds granted to the Waterway Real Estate Investment Company, one of the companies of El Sewedy Group.

Al Ahli Bank of Kuwait-Egypt’s share in this granted facility is 650 million, while the share of Al Ahli Kuwait - Egypt Leasing Company is 80 million Egyptian Pounds. This agreement confirms the Bank’s interest in supporting the national economy through financing economic growth in vital sectors, especially those that support development projects.

Since ABK-Egypt started its operation in the Egyptian market, it has been committed to consistently deliver on its integrated strategy and expansion plan that aims at growing its corporate portfolio and provide credit facilities to corporate customers from various sectors that cater to their growing business needs.

Idea Verde Real Estate investment company – the Waterway works in the field of investment and real estate development through land ownership and residential construction, administrative, and commercial projects. The company is considered part of the Waterway Real Estate Development Group, which offers investors a wide range of residential and commercial options including spacious modern apartments, retail spaces and appealing office spaces. The Company’s portfolio includes successful projects situated in strategic locations in some of the most popular areas in Egypt such as New Cairo and the North Coast.

In the same context, the Bank shall continue to support large corporates form various sectors of the economy through providing multi-purpose financing to best meet their needs and objectives and enable them to perform in a challenging local and global economic climate. Over the course of eight years, ABK-Egypt has succeeded in expanding its business volume, enabling it to achieve outstanding performance and solid financial indicators that solidify its position as one of the fastest growing banks in the Egyptian Market.