Cairo: Orascom Development Egypt announced that its subsidiary, Orascom Real Estate, has secured a substantial 18 billion Egyptian pound syndicated loan with Commercial International Bank Egypt (CIB), Banque Misr, and the National Bank of Egypt (NBE). This financing is set to propel the construction and expansion of the O West project in West Cairo.According to State Information Service Egypt, the 10-year financing facility will bolster both current and future construction phases of the mixed-use development. The agreement, which was signed in the presence of prominent figures such as Orascom Development Holding Board Chairman Naguib Sawiris and Orascom Development Egypt Board Chairman Eskandar Tooma, marks a significant collaboration with key banking institutions.The financing consortium comprises CIB as the initial mandated lead arranger, financing arranger, facility agent, and account bank; Banque Misr as the initial mandated lead arranger, financing arranger, and security agent; and the National Bank of Egypt as the initial mandated lead arranger and financing arranger. This long-term financing underscores the confidence major banking institutions have in Orascom Real Estate's operational capabilities and growth strategies.The deal showcases a partnership between the banking and real estate sectors, aiming to foster long-term investments within Egypt. Eskandar Tooma expressed that Orascom Development sees genuine investment as inherently long-term, noting Egypt's market as highly promising with vast growth potential. He reiterated the company's commitment to continued investment and expansion, emphasizing the country's capability to generate sustainable value over time.CIB Deputy CEO and Executive Board Member Amr el-Ganainy highlighted the strategic role CIB plays in arranging and managing syndicated loans, which contributes significantly to economic growth and reinforces Egypt's real estate sector. Banque Misr CEO Hisham Okasha indicated that the bank's 7 billion pound participation aligns with its goal to support key economic sectors, advancing economic development in accordance with Egypt's Vision 2030.National Bank of Egypt CEO Mohamed el-Etreby stated that the bank's involvement is consistent with its strategy of backing large-scale projects with promising economic and development potential. El-Etreby emphasized the National Bank of Egypt's confidence in the O West project and its dedication to collaborating with major financial institutions and leading companies to fund initiatives that bolster Egypt's urban development plans and sustainable economic growth.