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Daily News Egypt
3 days ago
- Business
- Daily News Egypt
EBRD, Banque Misr provide $80m syndicated loan to Orange Egypt for 5G expansion
The European Bank for Reconstruction and Development (EBRD) and Banque Misr have extended a syndicated loan of approximately $80m to Orange Egypt to support the company's acquisition of a 5G mobile license and rollout of next-generation network infrastructure. The financing package includes €39m from the EBRD and $40m (around €35.6m) from Banque Misr's Dubai branch. The funds will enable Orange Egypt, a leading mobile network operator, to implement 5G services, enhancing network speed, reliability, and capacity. The introduction of 5G across Orange Egypt's network is expected to significantly improve data transmission speeds and reduce latency, delivering a more responsive and seamless experience for users. The upgrade will also benefit businesses by enabling more innovative digital services, strengthening customer engagement, and supporting Egypt's broader digital economy. Notably, 5G technology is more energy-efficient than previous mobile generations. Orange Egypt's planned network modernization is projected to reduce carbon dioxide emissions by more than 1.74m tonnes annually, contributing to the country's environmental sustainability goals. 'This project will strengthen Egypt's digital infrastructure, contributing to improved internet connectivity for local consumers, businesses, and the broader economy,' said Jean-Marc Peterschmitt, EBRD Managing Director for the Corporate Sector. Mohamed Khairat, Head of Corporate Banking at Banque Misr, emphasized the bank's commitment to supporting national economic growth, noting the telecom sector's strategic importance and Orange Egypt's role in advancing sustainable development. Khaled Nabil Khorshed, Head of Wholesale Banking at Banque Misr UAE, added that the involvement of the bank's Dubai branch reflects its strategy to leverage its international network to facilitate cross-border financing and strengthen its regional footprint. Commenting on the loan, Orange Egypt CFO Mohamed Sayed said: 'Through technologies like 5G, we aim to enhance services in sectors such as education, healthcare, and smart cities—bridging the digital divide and accelerating Egypt's digital transformation.' Orange Egypt, a subsidiary of French telecom giant Orange, has operated in the country since 1998. While primarily a mobile network provider, it also offers fixed-line services and IPTV. The company plays a key role in expanding Egypt's digital infrastructure. Egypt is a founding member of the EBRD. Since launching operations in the country in 2012, the Bank has invested over €13.2bn across 202 projects, in addition to supporting more than 750 small and medium-sized enterprises through technical assistance.
Daily News Egypt
24-05-2025
- Business
- Daily News Egypt
Banque Misr, ADCB arrange EGP 1.3bn syndicated loan for Palm Hills' Casa Cook hotel project
A banking consortium led by Banque Misr, in cooperation with Abu Dhabi Commercial Bank–Egypt (ADCB), has arranged a syndicated loan facility amounting to EGP 1.3bn for the Middle East for Real Estate & Tourism Investment Company, a subsidiary of Palm Hills Developments. The long-term facility will finance part of the investment cost for the development of a 200-room hotel under the 'Casa Cook' brand in Hacienda White 1, located on Egypt's North Coast. Banque Misr acted as the initial mandated lead arranger, book-runner, facility agent, security agent, account bank, and debt service reserve account bank, demonstrating its leading role in structuring and managing the transaction. The agreement was signed by Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr; Hisham Abbas, Head of Financial Institutions and Corporate Banking at ADCB–Egypt; and Aly Thabet, Executive Board Member for Financial Affairs at Palm Hills Developments. The signing ceremony was attended by senior executives from the participating banks and the real estate group. Strategic Support for Tourism and Real Estate Commenting on the agreement, Mohamed Khairat noted that Banque Misr's participation is aligned with its ongoing strategy to support Egypt's key economic sectors, particularly tourism. He emphasized the sector's critical role as a generator of foreign currency, a driver of GDP growth, and a catalyst for job creation through its strong linkages with supporting industries and services. 'This financing reflects our commitment to sustainable development and to promoting employment across various fields,' Khairat said. 'We are proud to support tourism investments that contribute to the national economy and enhance Egypt's position as a premier destination.' He also praised the high level of cooperation between the teams at both banks, crediting their professionalism and efficiency for the successful execution of the complex financial transaction. Khairat highlighted the importance of technical expertise in structuring and closing syndicated loans of this scale. ADCB Reaffirms Commitment to National Projects Hisham Abbas of ADCB–Egypt emphasized the importance of the bank's partnership with Palm Hills Group, particularly in the tourism and real estate sectors—two vital pillars of the Egyptian economy. 'This loan underscores our commitment to supporting the local economy and financing landmark projects that promote sustainability and empower the private sector,' Abbas said. 'It reflects our strategy to back large-scale developments that contribute to national economic growth.' He also praised the successful collaboration with Banque Misr and expressed optimism for future joint efforts to finance major national initiatives, stressing that Egypt's banking sector is a key engine of development. Palm Hills Expands Hospitality Footprint Tarek Tantawy, CEO and Managing Director of Palm Hills Developments, expressed his appreciation for the continued partnership with both banks. He said the syndicated loan will accelerate the development of one of the group's flagship hospitality projects, branded under Casa Cook, a global luxury boutique hotel concept. 'This project represents a strategic move to diversify our investment portfolio and deepen our presence in the hospitality sector,' Tantawy explained. 'We aim to operate the hotel year-round, creating sustainable tourism value and helping to position the North Coast as a global destination.' He added that the project is in line with Egypt's national efforts to attract tourism investment and enhance the region's infrastructure and services. Echoing this sentiment, Aly Thabet of Palm Hills said the financing deal is a testament to the company's strong financial performance and the confidence that leading banks place in its long-term vision. 'This collaboration strengthens our ability to access diverse funding sources and reflects our flexibility and efficiency in capital management,' Thabet said. 'We remain focused on delivering impactful hospitality projects that meet market needs while supporting our strategic expansion goals.'
