Egyptian banking alliance grants EGP 4.235bn to Al-Zahi Group for development projects
Three leading Egyptian banks—the National Bank of Egypt (NBE), Banque Misr, and QNB AlAhli—have extended joint financing worth EGP 4.235bn to Al-Zahi Group. This financing aims to support key development projects, with NBE serving as the lead arranger, financing marketer, financing agent, and document bank within the alliance. Banque Misr acts as an initial main arranger, financing marketer, and account bank, while QNB AlAhli fulfills the role of an initial main arranger.
The funding will be directed toward various projects, including facility design, land reclamation, infrastructure development, agricultural land leveling, establishing irrigation and drainage systems, and executing electrical and mechanical works.
The signing ceremony was attended by prominent banking and business leaders, including Yehia Abou El-Fotouh, Deputy CEO of NBE; Sherif Riad, CEO of Corporate Banking Credit and Syndicated Loans at NBE; Mohamed Khairat, Head of Corporate Credit and Syndicated Loans at Banque Misr; Abdel Rahman Talaat, Head of Corporate Finance and Investment at QNB AlAhli; and Ahmed El Zahi, Chairman of Al-Zahi Group.
Yehia Abou El-Fotouh highlighted that the financing aligns with NBE’s strategy to support vital economic sectors, fostering growth across industries and value chains. He commended the efforts of the bank’s team in conducting comprehensive studies and facilitating cooperation that culminated in this financing deal.
Sherif Riad emphasized NBE’s commitment to backing large-scale development projects in Egypt, particularly those that enhance food security and contribute to economic stability. He underscored the importance of expanding agricultural land and production, which reduces imports, improves trade balances, and creates job opportunities by leveraging modern technological methods.
Mohamed Khairat reiterated Banque Misr’s dedication to financing vital projects across diverse sectors to stimulate economic growth and enhance Egypt’s competitiveness. He noted that this partnership reflects the bank’s strategic goals of supporting the national economy, aligning with Egypt’s Vision 2030 for sustainable development. Khairat also praised the collaboration among the participating banks, highlighting the shared commitment to advancing the national economy.
QNB’s Abdel Rahman Talaat stressed the importance of the banking sector’s role in financing projects with significant economic and social impacts. He emphasized QNB Egypt’s focus on supporting agricultural development to achieve food security, create thousands of jobs, and contribute to sustainable development goals. Talaat also noted QNB Egypt’s growing influence in fostering major national projects through its strong relationships with international financial institutions.
Ahmed El Zahi expressed gratitude for the collaboration with Egypt’s leading banks, underscoring the importance of such partnerships in driving the nation’s development. He highlighted Al-Zahi Group’s diverse expertise in integrated general contracting, including river works, sidewalk construction, dredging, thermal and hydropower stations, roads and bridges, dams, and water and sewage networks. The company also specializes in complementary activities such as ready-mix concrete production, insulation, and polyethylene works.
This joint financing underscores the critical role of Egypt’s banking sector in fostering economic growth and supporting sustainable development across the nation.
