Consortium of Five Banks Grants EGP 5.2 Billion Islamic Financing to Inertia Egypt for “Jefaira” Project in Ras El Hekma
A consortium of five leading Egyptian banks — Banque Misr, Banque du Caire, National Bank of Egypt (NBE), Housing and Development Bank (HDB), and Suez Canal Bank — has successfully signed a long-term Islamic syndicated financing agreement with Inertia for Real Estate Development. The financing, structured under the Mudaraba principle, amounts to EGP 5.2 billion and will fund part of the investment cost of Inertia’s flagship Jefaira project in Ras El Hekma, North Coast. The financing tenor extends up to six years.
The signing ceremony took place on Monday, October 20, 2025, in the presence of senior executives from all participating banks and Inertia’s management.
Located in Ras El Hekma, Jefaira is a fully integrated urban development spanning 2.7 million square meters and comprising 10 residential phases. The project reflects Inertia’s vision to redefine coastal living through sustainable and high-value real estate developments.
Under the financing agreement:
Banque Misr acts as the Main Initial Mandated Lead Arranger (MLA), Financing Agent, Security Agent, Marketing Lead, and Account Bank.
Banque du Caire serves as an Initial MLA, Marketing Lead, and Capital Account Bank.
National Bank of Egypt joins as an Initial MLA and Marketing Lead.
Housing and Development Bank acts as an MLA and Technical Bank.
Suez Canal Bank participates as an MLA and Debt Service Account Bank.
Supporting advisors include Matouk Bassiouny & Hennawy as the legal counsel, ECG (Engineering Consultants Group) as the independent engineering consultant, and Bakertilly (Wahid Abdel Ghaffar & Co.) as the financial advisor.
Bank Leaders Comment on the Financing:
Mr. Amr Demerdash, Head of Corporate Credit and Syndicated Loans at Banque Misr, emphasized the bank’s pivotal role in leading syndicated financings that contribute to Egypt’s sustainable economic growth. He noted that the real estate sector remains a cornerstone of national development, driving multiple industries and creating new job opportunities.
Mr. Hesham Mohy, Head of Syndicated and Structured Finance at Banque du Caire, highlighted that the bank’s participation reflects its commitment to supporting Egypt’s growing real estate sector — one of the most dynamic industries in recent years — and strengthening its strategic partnership with Inertia to advance investment in the North Coast.
Mr. Sherif Riyad, CEO of Corporate Banking and Syndicated Loans at National Bank of Egypt, stated that the financing will accelerate construction at Jefaira, supporting the state’s vision to transform Egypt’s North Coast into a year-round urban, tourism, and investment hub with advanced infrastructure and sustainable communities.
Mr. Tamer Negm, Deputy Managing Director for Corporate Credit, Syndicated Loans, Treasury & Investment at Housing and Development Bank, expressed pride in joining this landmark Islamic financing deal, underscoring HDB’s strategy to back large-scale urban development projects that contribute to economic expansion and job creation.
Mr. Haitham El-Kobrosly, Head of Corporate Banking, Investment & Structured Finance at Suez Canal Bank, confirmed the bank’s commitment to financing transformative real estate and tourism projects, in line with its strategy to enhance Egypt’s urban expansion and private sector growth.
Inertia’s CEO Praises Banking Sector’s Confidence
Eng. Ahmed El Adawy, Chairman and CEO of Inertia for Real Estate Development, described the agreement as a “vote of confidence” from Egypt’s banking sector, reflecting trust in Inertia’s vision and strong track record. He added that the financing will significantly boost progress on Jefaira, one of the company’s most ambitious developments, strategically positioned on the North Coast.
El Adawy affirmed that this collaboration demonstrates the synergy between Egypt’s financial and real estate sectors in supporting national urban expansion and aligns with the government’s broader vision for sustainable development.