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The Industrial Development Bank (IDB) participated in a banking consortium led by Suez Canal Bank in signing a syndicated financing agreement worth EGP 4.485 billion in favor of Madkour Projects, a subsidiary of Madkour Holding. The financing is intended to fund contracting works assigned to the company by the Military Works Department of the Ministry of Defense, specifically for the supply and installation of underground cables along the Suez Road as an alternative to overhead cables, as part of the development of strategic infrastructure.

Hussein Refaai, Chief Executive Officer and Managing Director of the Industrial Development Bank, affirmed that the Bank’s participation in this financing consortium comes as an extension of its strategy to support national projects with clear economic feasibility, in a manner that achieves sustainable returns for the Egyptian economy.

He added that this financing reflects the Bank’s commitment to funding vital sectors that represent a priority for the state, foremost among them infrastructure, energy, and contracting. He emphasized that IDB continues to strengthen its position among active banks in financing major projects through specialized banking solutions and strategic partnerships with local financial institutions.

Refaai concluded by stressing that the Industrial Development Bank will continue implementing its plan to expand financing for productive sectors, in support of the state’s economic development plans and to reinforce the Bank’s role as a key player in the Egyptian banking market.

In this transaction, Suez Canal Bank acted as Initial Lead Arranger, Facility Agent, Security Agent, Documentary Credit Bank, and Borrower’s Account Bank. Participating banks in the financing included Al Baraka Bank Egypt, Industrial Development Bank, The United Bank, Arab Banking Corporation (ABC), Abu Dhabi Commercial Bank, and Egyptian Arab Land Bank.

The agreement was signed in the presence of Akef El Maghraby, CEO and Managing Director of Suez Canal Bank; Shehab Zidan, Deputy CEO and Managing Director; Dr. Mostafa Madkour, Chairman and CEO of Madkour Holding; Hussein Refaai, Chairman of the Industrial Development Bank; Tarek Fayed, CEO and Managing Director of The United Bank; Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt; Hesham Abbas, Head of Financial Institutions and Corporate Finance at Abu Dhabi Commercial Bank–Egypt; Ahmed Khattab, Head of Financial Institutions and Corporates at Arab Banking Corporation (ABC); and Medhat Qamar, Chairman of the Egyptian Arab Land Bank.