Cairo -Mubasher: A banking alliance comprising Banque Misr, Banque du Caire, the National Bank of Egypt (NBE), Housing and Development Bank (HD Bank), and Suez Canal Bank closed a long-term joint Islamic financing agreement in favor of Inertia Egypt for Real Estate Development.

Secured under the Mudaraba structure, the facility amounted to EGP 5.20 billion with a maximum term of six years, according to a press release.

It will be utilized to fund part of the investment cost of the Jefaira project, located in Ras El Hekma, North Coast.

The financing agreement was signed on 20 October in the presence of senior executives from the participating banks and Inertia Egypt.

The Jefaira project covers around 2.70 million square meters. The project comprises ten residential phases and is being developed by Inertia Egypt for Real Estate Development.

The transaction’s legal advisor is Matouk Bassiouny & Hennawy, while Engineering Consultants Group (ECG) serves as the independent technical advisor. Bakertilly (Wahid Abdel Ghaffar & Co.) acts as the financial advisor for the financing.