CAIRO — The National Bank of Egypt (NBE) has signed a five-year financing agreement worth EGP 975 million with developer Mabany Idris to support construction of its KOUN residential project in Ras El Hekma, as the development moves into its initial delivery phase.
The agreement, announced on November 2, will finance part of the project’s investment costs. KOUN is being developed in partnership with Prime Smart on Egypt’s Mediterranean coast.
Spanning approximately 110 feddans, the project is planned to comprise more than 1,500 residential units. Mabany Idris previously estimated its investment cost at EGP 7 billion in May 2024, although no updated budget has been disclosed.
Initial handovers began in August 2026, when the developer reported that 200 units were undergoing delivery, with beach operations and some facilities already operational.
Mohamed Idris, chairman of Mabany Idris, said the company is accelerating construction to meet or exceed its delivery commitments.
NBE Chief Executive Mohamed El-Etreby said the financing reflects the bank’s commitment to supporting private-sector investment and economic activity.
The bank did not disclose the loan’s interest rate, revised total project cost or final completion timetable.
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