Orascom Development Egypt Secures EGP 18 Billion Syndicated Loan to Accelerate O West Development
hamdy Abdelrashid
Orascom Development Egypt (ODE), one of Egypt's leading real estate and tourism developers, announced that its subsidiary, Orascom Real Estate S.A.E., has signed a 10-year syndicated financing agreement worth EGP 18 billion with the Commercial International Bank – Egypt (CIB), Banque Misr, and the National Bank of Egypt (NBE) to support the continued development of its flagship O West project in West Cairo.
The financing agreement was signed in the presence of Eng. Naguib Sawiris, Chairman of Orascom Holding Development, Dr. Eskander Tooma, Chairman of Orascom Development Egypt, and senior executives from the participating banks, including Amr El Ganainy, Deputy CEO and Executive Board Member of CIB, Hisham Okasha, CEO of Banque Misr, and Mohamed El-Etreby, CEO of the National Bank of Egypt, alongside senior representatives from Orascom Development Egypt and the lending consortium.
Supporting the Next Phase of O West
The financing will accelerate construction across the current and future phases of O West, enabling the company to meet growing market demand while advancing its long-term expansion strategy.
The transaction reflects the confidence of Egypt's leading financial institutions in Orascom Real Estate's operational performance, asset quality, and long-term business strategy. It also highlights the company's ability to secure long-term financing on competitive terms, reinforcing cooperation between the banking and real estate sectors in supporting large-scale urban development and economic growth.
Under the agreement, CIB serves as the Initial Mandated Lead Arranger, Bookrunner, Facility Agent, and Account Bank, while Banque Misr acts as Initial Mandated Lead Arranger, Bookrunner, and Security Agent, and the National Bank of Egypt serves as Initial Mandated Lead Arranger and Bookrunner.
Legal counsel for Orascom Real Estate was provided by MHR & Partners, in association with White & Case, while Sharkawy & Sarhan Law Firm acted as legal advisor to the participating banks.
Long-Term Confidence in the Egyptian Market
Commenting on the agreement, Dr. Eskander Tooma, Chairman of Orascom Development Egypt, said the company believes that sustainable value is created through long-term investment, emphasizing Egypt's position as one of the region's most promising investment destinations.
He noted that O West represents more than a real estate development, describing it as an integrated, sustainable city designed to meet the evolving needs of residents. The financing, he added, will support future expansions while ensuring that the project continues to be delivered according to the highest quality standards.
Tooma also said the agreement reflects the confidence that leading financial institutions place in Orascom Development's business model, asset quality, and ability to execute projects that create long-term value for customers while contributing to Egypt's urban and economic development.
Banks Highlight Strategic Importance of the Financing
Amr El Ganainy, Deputy CEO and Executive Board Member of CIB, said the transaction underscores the bank's strategic role in arranging and managing syndicated loans that support economic growth and strengthen Egypt's real estate sector through financing major development projects.
He added that financing O West marks another milestone in developing integrated urban communities aligned with Egypt's national urban expansion strategy, noting that CIB remains committed to delivering innovative financing solutions that generate sustainable value for all stakeholders.
Hisham Okasha, CEO of Banque Misr, said the bank's participation, with a financing share of EGP 7 billion, reflects its commitment to supporting the Egyptian economy and providing integrated financing solutions for key economic sectors, particularly real estate, which remains a major driver of economic growth.
He added that Banque Misr continues to prioritize financing large-scale urban developments that attract investment, create employment opportunities, and support Egypt Vision 2030. Okasha also praised the cooperation among the participating banks, highlighting the professionalism of their teams in successfully structuring and executing the transaction.
For his part, Mohamed El-Etreby, CEO of the National Bank of Egypt, said the bank's participation aligns with its strategy of financing economically and developmentally significant projects, particularly in the real estate sector, given its role in stimulating urban development, supporting related industries, and creating jobs.
El-Etreby added that financing O West reflects the National Bank of Egypt's confidence in the project and its commitment to working with leading financial institutions and developers to support Egypt's urban development plans and sustainable economic growth.
The agreement represents a successful model of cooperation between Egypt's banking and real estate sectors, reinforcing the role of financial institutions in supporting major investments and advancing urban development projects while strengthening confidence in Egypt's investment climate.
