Orascom for Real Estate, a subsidiary of Orascom Development Egypt, secured an EGP 18 billion ($356 million) syndicated loan. The financing carries a 10-year tenor. Commercial International Bank (CIB), Banque Misr, and the National Bank of Egypt arranged the facility.
The company will use the funds to accelerate construction at its flagship O West project in West Cairo. The loan refinances an existing EGP 6 billion facility. It provides an additional EGP 12 billion for current and future development phases.