QNB Egypt Leads EGP 11.98 Billion Syndicated Loan to Finance East Port Said Port Expansion
QNB Egypt announced the successful arrangement of a medium-term syndicated loan worth EGP 11.98 billion for Kased Khair for General Supplies and Contracting to finance a major infrastructure development project at East Port Said Port, reinforcing Egypt’s broader strategy to strengthen its maritime and logistics capabilities.
Acting as the Initial Mandated Lead Arranger, Facility Agent, and Bookrunner, QNB Egypt led a consortium of 12 banks in structuring the financing package for the project, which includes the construction and development of new marine berths extending 6,050 meters with a draft depth of 22 meters.
The financing is expected to significantly enhance the operational capacity and regional competitiveness of East Port Said Port, one of Egypt’s most strategically positioned logistics gateways at the entrance of the Suez Canal.
The banking consortium includes Banque Misr, National Bank of Egypt, Banque du Caire, Arab African International Bank, ALEXBANK, and National Bank of Kuwait - Egypt as Initial Mandated Lead Arrangers, alongside Kuwait Finance House - Egypt, Al Baraka Bank Egypt, and MIDBANK as Lead Arrangers, in addition to NXT Bank and Industrial Development Bank acting as arrangers.
The project is expected to strengthen Egypt’s position as a regional hub for trade, logistics, and maritime transport, while supporting investment inflows and enhancing connectivity between regional and global markets.
Mohamed Bedeir said the transaction reflects QNB Egypt’s continued role in structuring and executing strategic financing deals that support priority sectors, particularly infrastructure and transportation.
“This financing reflects QNB Egypt’s role in structuring and executing strategic financing transactions that support priority sectors, particularly transport and infrastructure, contributing to enhancing the competitiveness of the Egyptian economy and supporting sustainable growth,” Bedeir said.
Saeed Gamal described the financing as a major milestone for the East Port Said Port project, saying it demonstrates strong confidence from the banking sector in the project’s long-term economic value and strategic importance.
Executives from participating banks highlighted the project’s significance in advancing Egypt’s infrastructure modernization plans and supporting the country’s Vision 2030 development agenda.
Hisham Okasha said Banque Misr contributed EGP 2.25 billion to the financing package as part of its continued support for strategic national projects and syndicated financing transactions targeting infrastructure development.
Meanwhile, Mohamed El Etreby emphasized that the bank’s participation aligns with its role in supporting large-scale national projects with economic and developmental impact, particularly in infrastructure, transportation, and logistics services.
Executives from participating institutions including Bahaa El Shafie, Darío Grassani, Ahmed El Shaal, Hala Sadek, Hazem Hegazy, Eman Abu Zeid, Tamer Seif El-Din, and Hussein Rifaai also underscored the importance of the project in enhancing Egypt’s maritime transport infrastructure, logistics efficiency, and regional trade competitiveness.
The financing deal further reflects growing coordination among Egyptian banking institutions in supporting large-scale infrastructure and logistics projects viewed as critical to sustaining economic growth and attracting foreign investment.
GlobalCorp Financial Services, through its subsidiary Ollin Mortgage Finance, was also recently active in Egypt’s debt market, reflecting broader momentum in structured finance and infrastructure-related funding activity across the Egyptian financial sector.