Bank Misr Leads EGP 4.26 Billion Syndicated Loan to Finance Concrete Plus’ North Coast Development
A banking syndicate led by Bank Misr as Mandated Lead Arranger, Facility Agent, Security Agent, Account Bank, and Lender, together with MidBank, QNB Alahli, Abu Dhabi Commercial Bank – Egypt, and Bank of Alexandria as joint Mandated Lead Arrangers, has successfully arranged a syndicated loan amounting to EGP 4.261 billion in favor of Concrete Plus for Construction and Industry. The financing aims to support the execution of chalet units and related construction works within the South Med development in Egypt’s North Coast, one of the flagship projects of Talaat Moustafa Group.
Strategic Development for South Med
This phase represents a major milestone within the South Med project, a strategic coastal development that aligns with Egypt’s national efforts to enhance the North Coast as a leading tourism destination. The region boasts exceptional potential and a prime geographic location, supporting the national target of attracting 30 million tourists by 2028.
Concrete Plus will be responsible for executing all construction works, including chalet units, excavation, concrete structures, roads, infrastructure, and site coordination. The development supports the government’s broader strategy to transform the North Coast into a world-class destination through modern urban planning, integrated real estate projects, and upgraded infrastructure that increase capacity and accelerate tourism-driven development.
Dr. Amr El Garhy: Supporting National Growth
Dr. Amr El Garhy, former Minister of Finance and CEO and Managing Director of MidBank, commented:
“We are pleased to participate in this syndicated financing worth EGP 4.3 billion for Concrete Plus for Construction and Industry. The funding supports the company’s expansion plans and the execution of major national and strategic projects. The facility has been structured according to best practices in risk management and governance.”
He added:
“This financing reflects our confidence in the financial and operational performance of Concrete Plus and reaffirms our long-standing commitment to supporting Egyptian companies and providing the funding needed to advance the state’s urban development agenda. We will continue to play an active role in financing large-scale projects that stimulate economic growth and create jobs, fully aligned with Egypt’s Sustainable Development Vision 2030.”
Signing Ceremony
The agreement was signed in the presence of:
Hisham Okasha, CEO of Bank Misr
Mohamed Bedeir, Chairman of QNB Alahli
Paolo Vivona, CEO and Managing Director of Bank of Alexandria
Mohamed Abu Bakr, Head of Risk – MidBank
Tamer Assem, Head of Corporate Finance – Abu Dhabi Commercial Bank Egypt
Tarek Youssef, Chairman and Managing Director – Concrete Plus
Hossam Fekry, Vice Chairman – Concrete Plus
The ceremony was attended by senior leaders from the participating banks and company officials.
The financing marks a significant step in supporting Egypt’s infrastructure and tourism development strategy and reinforces the role of the local banking sector in funding large national projects that contribute to economic expansion and sustainable urban growth.