Orascom for Real Estate, subsidiary of EGX-listed Orascom Development Egypt(ODE), has secured a syndicated loan worth 18 billion Egyptian pounds ($356 million) with a tenor of 10 years to support the development of its flagship O West project in West Cairo. 

Commercial International Bank (CIB), along with Banque Misr and National Bank of Egypt (NBE) acted as lead arrangers, and bookrunners. MHR & Partners, and White & Case acted as counsel to ORE, while Sarie Eldin & Partners served as  counsel to the participating banks. 

The facility will be used to refinance ORE’s existing 6 billion-pound loan and provide additional funding to accelerate construction works at O West.

(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com