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he Industrial Development Bank (IDB) participated with a financing share of EGP 300 million as part of a banking consortium led by the National Bank of Egypt, providing a long-term syndicated loan totaling EGP 950 million to Mashareq Real Estate Investment, a subsidiary of Pioneers Properties for Urban Development (PRE Group).

The Industrial Development Bank assumed the role of Debt Service Reserve Account Bank, and the financing will be used to develop the first phase of a commercial and administrative project in New Cairo under the name “Zag East.” The project is strategically located directly on South Teseen Street, close to key vital areas, reflecting growing confidence in Egypt’s real estate development sector.

Hussein Refaai, Chief Executive Officer and Managing Director of the Industrial Development Bank, stated that the Bank’s participation in the syndicated loan for Mashareq Real Estate Investment—part of Pioneers Real Estate Development Group (PREDCO)—stems from its role in supporting major development projects and its strong belief in the importance of the real estate sector as one of the key pillars of the Egyptian economy.

Refaai explained that IDB contributed EGP 300 million within the consortium led by the National Bank of Egypt, and undertook the role of Debt Service Reserve Account Bank.

He added that the Bank’s participation reflects its strategy to support economically viable real estate projects that stimulate the real estate market and enhance investment opportunities. He emphasized that IDB continues to act as a key partner in banking syndications aimed at achieving sustainable development, supporting the state’s vision for economic growth, and creating job opportunities.

This participation comes as part of the Bank’s broader direction to expand financing for promising sectors with a positive impact on the Egyptian economy.