Egypt’s Banque Misr signs EGP 10b real estate financing deal for NUCA

Banque Misr signed a 10 billion Egyptian pound financing contract with Founders, the real estate marketing arm of Hyde Park Developments, to purchase and market assets owned by the New Urban Communities Authority (NUCA), with a financing term of up to eight years, the Cabinet said on Monday.

The financing will also cover operating costs associated with the projects and forms part of Banque Misr’s strategy to support the real estate sector, finance integrated residential, commercial and administrative developments, and advance urban development plans in line with Egypt Vision 2030.

Housing Minister Randa El-Menshawy said the agreement reflects the banking sector’s confidence in real estate development and its promising opportunities. She added that the targeted projects aim to meet citizens’ diverse housing needs and support urban development in areas requiring further development, with providing housing for middle-income citizens among the government’s priorities.

Amin Serag, Chief Executive Officer (CEO) of Hyde Park Developments and Founders, described the agreement as an important step in supporting the companies’ expansion plans, adding that long-term financing solutions help diversify funding sources and strengthen the financial capacity needed to develop projects.