Suez Canal Bank Leads Banking Consortium to Grant EGP 4.485 Billion Syndicated Loan to Madkour Projects for Suez Road Infrastructure Development

22/10/2025

Suez Canal Bank leads banking consortium to grant EGP 4.485 billion syndicated loan to Madkour projects for Suez road infrastructure development
A banking consortium led by Suez Canal Bank (SCB) successfully signed a syndicated loan agreement worth EGP 4.485 billion for 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 to replace overhead cables, as part of a strategic infrastructure development initiative.
Suez Canal Bank acted as the initial lead arranger, facility agent, security agent, documentation bank, and borrower’s account bank.
Participating Banks in the Consortium:
•    Al Baraka Bank Egypt
•    Industrial Development Bank (IDB)
•    The United Bank
•    Arab Banking Corporation (ABC Bank)
•    Abu Dhabi Commercial Bank (ADCB)
•    Egyptian Arab Land Bank (EALB)
Signing Ceremony Attendees:
The agreement was signed in the presence of:
•    Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank.
•    Mr. Shehab Zidan, Deputy CEO and Managing Director of Suez Canal Bank.
•    Dr. Mostafa Madkour, Chairman and CEO of Madkour Holding.
•    Mr. Hussein Rifai, Chairman of the Industrial Development Bank.
•    Mr. Tarek Fayed, CEO and Managing Director of The United Bank.
•    Mr. Hazem Hegazy, CEO and Deputy Chairman of Al Baraka Bank Egypt.
•    Mr. Hisham Abbas, Head of Financial Institutions and Corporate Banking at Abu Dhabi Commercial Bank – Egypt.
•    Mr. Ahmed Khattab, Head of Financial Institutions and Corporate Banking at Arab Banking Corporation (ABC Bank).
•    Mr. Medhat Kamar, Chairman of the Egyptian Arab Land Bank.
Statements on the Financing:
•    Mr. Akef El Maghraby (Suez Canal Bank): Stated that SCB’s leadership of the consortium aligns with the bank's vision to support national projects, especially in the vital infrastructure sector which is a key pillar for economic growth. He added that the deal reflects the bank's professional expertise in structuring and managing major financing transactions and is an extension of the strategic partnership with Madkour Projects to support vital economic sectors.
•    Dr. Mostafa Madkour (Madkour Holding): Expressed pride in the constructive cooperation with Suez Canal Bank and the participating banks, which he believes embodies the integration between the banking sector and the private sector in driving national development and executing major strategic projects. He highlighted that the project to replace overhead cables with underground ones on the Suez Road is a national project of strategic importance, and the company is committed to executing it according to high quality standards to serve the state's plans for infrastructure modernization.
•    Mr. Hussein Rifai (Industrial Development Bank): Affirmed that IDB's participation is an extension of its strategy to support viable national projects that achieve a sustainable return for the Egyptian economy. He added that the financing reflects the bank's commitment to funding priority vital sectors, including infrastructure, energy, and contracting, and that IDB continues to strengthen its position as an active bank in financing major projects through specialized banking solutions and strategic partnerships.
•    Mr. Tarek Fayed (The United Bank): Said that The United Bank's participation in this national consortium of 7 banks is an extension of the national strategy to support the Egyptian state's plans and the Central Bank of Egypt's efforts to stimulate private sector investment in economic development plans, in line with Egypt Vision 2030. He clarified that this is achieved by injecting investments into major infrastructure projects with a direct economic and social impact, noting that the participation of the private sector in supporting infrastructure projects represents a long-term investment for the future across various sectors, contributing to diversifying growth sources and stimulating the business environment.
•    Mr. Hazem Hegazy (Al Baraka Bank Egypt): Expressed pride in participating in the financing, noting that Al Baraka Bank’s involvement as an arranger with a contribution of EGP 500 million demonstrates the confidence placed in leading entities like Madkour Group. He stated this aligns with the bank's strategy to build long-term partnerships that drive the national economy and confirms the bank's ability to provide high-efficiency, Sharia-compliant financing solutions based on a thorough understanding of market needs.
•    Mr. Ihab El Sawirky (Abu Dhabi Commercial Bank – Egypt): Stated that the financing is part of the bank's commitment to the state's development plans, highlighted by its support for infrastructure projects that enhance the national economy's fundamentals and drive economic growth in line with Egypt Vision 2030.
•    Mr. Ahmed Khattab (ABC Bank): Expressed ABC Bank's pleasure to participate in this vital banking alliance, stating that their support for Madkour Projects aligns with their commitment to investing in projects that enhance Egypt's infrastructure and their ambition to grow and provide distinguished banking services in the Egyptian market.

About Suez Canal Bank:
Suez Canal Bank is an Egyptian joint-stock company established as a commercial bank in 1978. Its paid-up and issued capital is EGP 6.5 billion (650 million shares), with an authorized capital of EGP 10 billion. It offers a diverse range of banking solutions, products, and financial services to its institutional and individual clients through 54 branches and a representative office in Libya, including a dedicated Islamic banking branch, a network of ATMs across Egypt, and a network of correspondents globally.
About Madkour Holding:
Madkour Holding encompasses a group of leading companies in the Egyptian market across the fields of energy, contracting, industrial solutions, utility services, and innovative technology solutions. The Group provides services through branches in Egypt, Saudi Arabia, Oman, Iraq, Libya, Nigeria, and Equatorial Guinea, and strives to serve its clients with the highest level of quality and efficiency.

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