Cairo, Egypt – QNB Egypt, a subsidiary of QNB Group, a leading financial institution in the Middle East and Africa, announced the successful arrangement of a medium-term syndicated loan worth EGP 11.98 billion for Kased Khair for General Supplies and Contracting. Acting as the Initial Mandated Lead Arranger, Facility Agent, and Bookrunner, QNB Egypt led a banking consortium comprising 12 banks to finance a strategic infrastructure development project at East Port Said Port, one of Egypt’s key logistics and maritime gateways.

The financing reflects QNB Egypt’s ongoing commitment to supporting large-scale strategic projects that contribute to strengthening national infrastructure and advancing sustainable economic growth, in line with QNB Group’s long-term strategic vision.

The consortium includes Banque Misr, National Bank of Egypt, Banque du Caire, Arab African International Bank, ALEXBANK, National Bank of Kuwait – Egypt, acting as initial mandated lead arrangers, Kuwait Finance House - Egypt, Al Baraka Bank Egypt, MIDBANK, acting as lead arrangers NXT Bank, and Industrial Development Bank, acting as arrangers.

Under the project, Kased Khair will undertake the construction and development of new marine berths at East Port Said Port, spanning a total length of 6,050 meters and featuring a draft depth of 22 meters. The project is expected to significantly enhance the port’s operational capacity and strengthen its competitiveness at both the regional and international levels.

This initiative supports the development of the maritime transport and infrastructure sectors, reinforcing Egypt’s position as a regional hub for trade and logistics, while supporting investment attraction and sustainable economic growth. It also reflects the strength of collaboration among banking institutions, alongside QNB Egypt’s expertise in structuring and managing syndicated facilities to support major strategic projects.

The project represents a significant addition to Egypt’s port infrastructure by supporting international trade flows and enhancing connectivity between regional and global markets, in line with QNB Egypt’s commitment to providing integrated financing solutions that support national development plans.

Commenting on this achievement, Mr. Mohamed Bedeir, CEO of QNB Egypt, said: “This financing reflects QNB Egypt’s role in structuring and executing strategic financing transactions that support priority sectors, particularly transport and infrastructure, contributing to enhancing the competitiveness of the Egyptian economy and supporting sustainable growth.”

For his part, Mr. Saeed Gamal, Chairman of Kased Khair, stated: “This financing marks an important milestone in the implementation of the East Port Said Port development project and reflects the banking sector’s confidence in the project’s strategic importance and long-term economic value. Through this collaboration, we aim to accelerate execution timelines and contribute to strengthening Egypt’s position as a regional logistics and trade hub.”

Mr. Hisham Okasha, Chief Executive Officer of Banque Misr, stated: “The bank’s participation in this financing, in its role as initial mandated lead arranger, through contributing EGP 2.25 billion out of the total financing amount, comes as a continuation of its leading role in supporting banking syndications directed toward vital national projects.” He added that the project contributes to the development of Egypt’s maritime infrastructure in line with the highest international standards and supports the country’s Vision 2030 and sustainable development objectives. He also praised the strong collaboration among the participating banks’ teams in executing syndicated financing transactions, emphasizing that well-trained banking talent represents a key pillar for the success of such financing operations.

In this context, Mr. Mohamed El Etreby, CEO of National Bank of Egypt, stated that the bank’s participation in this financing stems from its leading national role in supporting major national projects with economic and developmental value, which represent a key pillar in achieving sustainable development goals and enhancing the competitiveness of the Egyptian economy. He added that the National Bank of Egypt places significant importance on supporting large-scale strategic projects, particularly those related to infrastructure development, transportation, and logistics services, given their direct contribution to supporting the national economy, stimulating investments, and boosting international trade flows. He further noted that this financing underscores the pivotal role played by the Egyptian banking sector in providing the necessary funding for major development projects, in alignment with the state’s directives and its ambitious plans to achieve comprehensive and sustainable development.

Mr. Mohamed El-Etreby further emphasized that the development of Egyptian ports represents a key pillar in supporting the state’s plans to transform Egypt into a regional hub for trade, maritime transport, and logistics services. He noted that East Port Said Port is one of the most strategically important ports in the Eastern Mediterranean, given its prime geographical location at the entrance of the Suez Canal, which enhances its ability to attract more global investments and increase maritime trade volumes.

He added that the National Bank of Egypt is consistently keen to play an active role in financing major national projects across various vital sectors, reflecting its commitment to its developmental role and national responsibility in supporting the Egyptian economy. He emphasized that the bank possesses extensive expertise and strong financing capabilities that qualify to contribute to the implementation of large-scale projects supporting the state’s economic development plans.

Mr. Bahaa El Shafie, Deputy CEO of Banque du Caire, affirmed that the bank’s participation comes as part of its ongoing commitment to supporting and financing strategic development projects, particularly in the infrastructure and maritime transport sectors, thereby contributing to supporting the national economy. He explained that this project is considered one of the vital projects that will enhance trade movement and support Egypt’s position as a regional hub for trade and logistics services.

He added that this initiative is an extension of Banque du Caire’s longstanding relationship with Kased Khair for General Supplies and Contracting, which began in 2022, where the bank has directly financed several of the company’s projects. This reflects the bank’s strong confidence in Kased Khair’s capabilities and its ability to efficiently execute large-scale strategic projects.

Mr. Darío Grassani, Deputy CEO and Chief Financial Officer of ALEXBANK, stated that the bank’s participation in this syndicated financing reflects its continued commitment to supporting strategic national projects that enhance the competitiveness of the Egyptian economy and advance sustainable development, in line with the vision of Intesa Sanpaolo Group. He added that the maritime transport and infrastructure sector represents one of the key pillars of economic growth, given its vital role in facilitating trade flows, enhancing the efficiency of supply chains and logistics services, and strengthening Egypt’s capacity to attract regional and international investments.

He also extended his appreciation to all parties involved in this financing, commending the strong spirit of cooperation and coordination that contributed to the successful completion of the agreement, in a manner that reflects the banking sector’s capability to support strategic projects with substantial economic and developmental impact.

Mr. Ahmed El Shaal, Head of Corporate Banking and Syndicated Loans at NBK Egypt, stated that NBK Egypt’s participation in this financing reflects its commitment to supporting infrastructure projects that contribute to economic growth and sustainable development. He noted that the collaboration with QNB Egypt and Kased Khair underscores the bank’s confidence in the project’s strategic and economic value. He further added that the bank’s participation in financing such projects is not the first of its kind, as the bank has previously contributed to financing several major national projects across various sectors, including ports, electricity, roads, energy, and others, in addition to a number of other large-scale projects currently under study.

Mrs. Hala Sadek, CEO and Board Member of KFH – Egypt, stated that KFH – Egypt remains committed to supporting strategic projects that contribute to strengthening Egypt’s position across key sectors, particularly maritime transport and the enhancement of operational efficiency of Egyptian ports. This comes within the framework of supporting the state’s direction toward accelerating economic development through investment in infrastructure and the enhancement of ports and logistics services, which are considered among the key pillars supporting global trade flows, in addition to increasing the state’s foreign currency revenues.

She added that KFH – Egypt is proud to contribute to financing projects that support national development and strengthen strategic partnerships that drive sustainable economic progress.

Mr. Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank - Egypt, stated: “Al Baraka Bank - Egypt’s role as a lead arranger in this EGP 11.98 billion syndicated facility for Kased Khair reflects our strong commitment to supporting national projects that represent cornerstone of economic development. The East Port Said Port project is one of the most strategic infrastructure developments supporting Egypt’s ambitions to strengthen its position as a global trade and logistics hub.” He added: “Our contribution to the development of infrastructure and ports is an integral part of our role in supporting sustainable development and corporate social responsibility. The success of this consortium, in collaboration with a distinguished group of leading banks, also reflects the banking sector’s ability to meet the financing needs of major projects, ensuring the continuity of economic growth rates and reinforcing Egypt’s future development vision.”

Mrs. Eman Abu Zeid, Head of Credit at MIDBANK, stated: “Our participation in financing the East Port Said Port development project reflects MIDBANK’s commitment to supporting strategic infrastructure projects that enhance logistics efficiency and supply chains in Egypt. This financing contributes to improving port capacity and operational performance in support of the rapidly evolving maritime transport sector.”

From his part, Mr. Tamer Seif El-Din, CEO and Managing Director of NXT Bank, stated: “This financing highlights the importance of collaboration among banking institutions in supporting major projects with direct economic impact. The East Port Said Port development project will play a key role in enhancing logistics infrastructure and strengthening the competitiveness of Egypt’s maritime transport sector. At NXT Bank, we remain committed to participating in strategic financing that supports development plans and creates added value for the Egyptian economy.”

Mr. Hussein Rifaai, CEO and Managing Director of Industrial Development Bank (IDB), affirmed that the bank’s participation in the syndicated financing for the East Port Said Port development project reflects its role as an active financial partner in supporting strategic infrastructure and port projects, given their direct impact on enhancing the efficiency of maritime transport and logistics services. He added that this participation underscores the bank’s commitment to supporting the state’s efforts to strengthen Egypt’s position as a regional hub for trade and investment through sustainable financing solutions that drive economic growth and support supply chains and foreign trade.

 About QNB Egypt:

QNB Egypt is a subsidiary of QNB Group, a leading financial institution in the Middle East and Africa.

The Bank’s vision is to strengthen its position as the preferred banking partner for customers in the Egyptian market, driven by its world-class financial services and high-quality service for both corporate and retail clients.

It also remains committed to its social responsibility in achieving sustainable development and delivering optimal returns to its shareholders.

The Bank serves more than 1,961,694 customers through a team of over 7,680 specialised bankers, supported by a nationwide branch network covering all governorates across Egypt. Its network spans over 239 branches, 920 ATMs, and more than 38,960 Point-of-Sale to serve clients nationwide in addition to a 24/7 customer contact center.

About Kased Khair General Supplies and Contracting:

Kassed Khair was established in 1991 by Mr. Saeed Gamal as a sole proprietorship based in Alexandria, Egypt, specializing in civil and marine construction works, as well as general supplies. In September 2003, the company evolved into an Egyptian joint-stock company.

The company’s business scope has expanded across all contracting activities, and it has obtained First-Class classification from the Egyptian Federation for Construction and Building Contractors in all its divisions, including structural and architectural works, integrated works, marine works, roads and bridges, infrastructure and utility networks of all types and specifications, electromechanical works, and specialized works. This classification is based on more than thirty years of executed projects and accumulated experience.

Kased Khair is one of the leading contracting companies in Egypt, possessing the qualifications required to execute projects for various entities in accordance with local and international standards.