The National Bank of Egypt (NBE) has arranged a 1 billion Egyptian pounds ($21 million) long-term syndicated facility for Mashareq Real Estate Investment, a subsidiary of Pioneers Properties for Urban Development (PRE Group), to finance the first phase of the ‘Zag East’ project — a commercial and administrative development located on South Teseen Street in New Cairo within the Ivoire East complex.

NBE said in a statement that it contributed EGP 350 million, while mobilising EGP 300 million each from the Industrial Development Bank (IDB) and Abu Dhabi Commercial Bank (ADCB).

The eight-year facility includes a 30-month availability period and a 36-month grace period.

NBE acted as Facility Agent, Security Agent, Documentation Bank, Accounts Bank, and Mandated Lead Arranger, while IDB acted as Debt Service Account Bank.

Sarie-Eldin & Partners advised the banks, and Baker McKenzie (Helmy, Hamza & Partners) advised Mashareq Real Estate Investment.

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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