Cairo – Mubasher: Al Baraka Bank Egypt has participated in a banking consortium comprising five leading Egyptian banks to sign a long-term joint financing contract in favor of the real estate developer Mountain View, according to a press release.

The contract is valued at EGP 6.20 billion and holds a duration of up to seven years to finance part of the investment cost totaling EGP 14.40 billion of the Mountain View project in East Cairo.

Banque Misr led the alliance as the financing agent, guarantee agent, and the account bank.

Meanwhile, the financing banks, in addition to Al Baraka Bank Egypt, included QNB Egypt, Egyptian Gulf Bank (EG Bank), Industrial Development Bank (IDB Bank), and the United Bank.

The CEO and Vice Chairman of Al Baraka Bank Egypt, Hazem Hegazy, said: "The participation of Al Baraka Bank Egypt in this joint financing comes within the framework of our commitment to supporting real estate projects with clear economic viability, such as the Mountain View project in East Cairo, which is considered one of the integrated projects that contribute to the development of new urban communities.”

Hegazy added: “This participation is an extension of Al Baraka Bank's approach in directing financing toward projects with real added value that stimulate economic activity, especially those related to multiple productive and service sectors."

The CEO concluded: “We also appreciate the banking cooperation which allowed this funding and therefore, reflects the banking sector's ability to unite efforts to finance strategic projects requiring long-term resources.”

It is worth noting that Al Baraka Bank Egypt lately donated EGP 5 million to Sheikh Saleh Kamel Secondary School for Applied Technology and Ready-Made Garments in support of textile industries in Egypt.