A consortium of leading banks has concluded a long-term syndicated loan agreement worth EGP 7bn in favour of Sky Innovo Developments to finance part of the investment cost of the Park St. Edition project in New Cairo's Golden Square. The total investment value of the project amounts to approximately EGP 16.05bn, with a maximum loan tenor of seven years and nine months. The alliance comprises Banque Misr as the initial mandated lead arranger, facility marketing agent, facility agent, account bank, and lender; the National Bank of Egypt (NBE) as initial mandated lead arranger, facility marketing agent, security agent, document bank, equity account bank, and lender; Abu Dhabi Commercial Bank – Egypt (ADCB) as technical bank and lender; as well as Al Baraka Bank Egypt and Bank NXT as lenders. The Park St. Edition project is an integrated mixed-use development encompassing residential, commercial, and administrative components, designed to become one of New Cairo's most prominent destinations. Hisham Okasha, CEO of Banque Misr, said the bank's participation in the financing underscores its commitment to supporting large-scale national projects that stimulate economic growth and job creation. He reaffirmed that the real estate sector remains one of Egypt's strategic industries and a key driver of sustainable development. Mohamed El-Etreby, Chairperson of the National Bank of Egypt, stressed that the NBE's financing strategy focuses on projects that generate real added value for the national economy while enhancing citizens' quality of life. From the developer's side, Ayman Hussein, Founder of Sky Investments—part of Sky Group and a major shareholder in Sky Innovo Developments—stated that construction of the project began last year, achieving more than 60% of total sales to date. He added that the company targets EGP 23bn in total sales upon completion, reflecting strong demand and market confidence in the project's innovative design and vision. Ehab El Sewirky, Managing Director and CEO of Abu Dhabi Commercial Bank – Egypt, highlighted that the bank's participation aligns with its strategy to support Egypt's real estate sector, a vital pillar of the national economy. He affirmed ADCB's commitment to financing projects that promote sustainable development and urban growth. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, said the bank's EGP 1bn financing share demonstrates its commitment to offering strategic funding solutions that enable major investment ventures. Meanwhile, Tamer Seif El-Din, CEO and Managing Director of Bank NXT, noted that the bank's involvement reflects its vision to back high-quality developments that set new benchmarks in Egypt's luxury residential and commercial real estate market. The syndicated loan marks a significant milestone in Egypt's property financing landscape, reinforcing the confidence of leading banks in the country's real estate sector and its role in driving economic resilience and sustainable urban development.
