Arab Finance: Med Bank announces its participation in a banking alliance to finance a number of mega projects in cooperation with a group of banks. The bank’s total financing reached more than 2 billion pounds distributed among four projects operating in the sectors of communications, real estate development, petroleum, and social housing.
This comes within the framework of Medbank's strategy, which aims to support vital sectors in Egypt by financing giant projects in various economic sectors, through which it is keen to revitalize the Egyptian economy in a way that enhances the bank's vision to expand in various financing and is in line with Egypt's 2030 vision for sustainable development. In addition to its strategy that enhances the syndicated loan portfolio.
The percentage of portfolio loans increased by the end of the third quarter of this year by 55.1% compared to the end of last year 2023 and by 230.5% compared to the end of 2020 since the bank began implementing its comprehensive restructuring and development plan. The syndicated loan portfolio increased by the end of the third quarter of this year by 89.4% compared to the end of last year 2023 and by 185% compared to the end of 2020.
Iman Abu Zeid, General Manager of the Credit Sector at Med Bank, expressed her pride in participating in these alliances, and her happiness in financing a number of projects in the sectors of communications, real estate development, petroleum, and social housing. She said: “Supporting and financing major projects is one of Medbank’s priorities and its firm commitment to promoting economic growth and effectively contributing to the development of infrastructure and vital projects that serve the national economy.”
She added: “Medbank is keen to finance key sectors due to their pivotal role in promoting sustainable development and improving the standard of living for citizens. The bank seeks to build long-term strategic partnerships with leading institutions in major sectors by providing innovative financial solutions that meet their diverse needs and contribute to achieving their expansion goals.” “.
The amount of first financing for the loan in which the bank participated is estimated at about 250 million Egyptian pounds for Telecom Egypt, within long-term joint financing with a total value of up to 18 billion Egyptian pounds. This banking alliance includes 13 banks led by the Commercial International Bank – Egypt (CIB) and Banque Misr, as the primary lead arrangers and financing marketers, and the National Bank of Egypt, as the primary arranger and financing marketer. The main purpose of this financing is to strengthen the company's financing structure and achieve greater financial flexibility.
The bank contributed to financing the “Central” project of the Saudi Egyptian Development Company with a share of 300 million Egyptian pounds within a joint loan with a total value of 4.35 billion Egyptian pounds. This banking alliance includes 8 banks led by First Abu Dhabi Bank Egypt as the first main arranger and financing marketer. The account bank and the financing agent.
This alliance aims to finance part of the total investment cost of 25 billion Egyptian pounds for the company’s “Central” real estate project in New Cairo.
Believing in the urban renaissance that Egypt is currently witnessing, and the necessity of supporting social housing initiatives, Medbank participated with a share of 1.4 billion Egyptian pounds in a joint loan worth 50 billion Egyptian pounds for the Social Housing and Real Estate Finance Support Fund. This alliance includes 11 banks, led by the National Bank of Egypt, as the main arranger, coverage guarantor, document bank, financing marketer, financing agent, Banque Misr, main arranger, coverage guarantor, financing marketer, and collection payment bank. This alliance aims to finance social housing projects for low- and middle-income people within the Housing for All Egyptians initiative, which the borrower is implementing within the framework of implementing the directives and initiatives of the President of the Republic.
As part of its keenness to support the energy sector, Medbank contributed a share of 400 million Egyptian pounds out of a total joint loan worth 10 billion Egyptian pounds for the benefit of the Misr Petroleum Company. This alliance includes 9 banks led by the National Bank of Egypt, the initial main arranger, the underwriting guarantor, the financing marketer, the financing agent, and the Commercial International Bank in a role. Initial principal salary, underwriter, finance marketer, and debt service account banker.
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