Banque Misr has signed an escrow account agreement with MIDAR for Investment and Urban Development—the master developer of Mostakbal City and MADA in New Cairo—and SODIC, to support the development of the Eastvale project in New Cairo.

The signing ceremony was attended by Hisham Okasha, CEO of Banque Misr, Ayman El Qoussi, Managing Director of MIDAR, and Ayman Amer, General Manager of SODIC, alongside senior executives from the three entities.

Under the agreement, Banque Misr will act as escrow agent, regulating and facilitating financial flows between the parties, enhancing financial efficiency and supporting the precise execution of their joint real estate developments.

Eastvale is being developed over 500 feddans in East Cairo, with its master plan designed by EDSA. The project is envisioned as an integrated and sustainable community focused on enhancing quality of life, a vision reflected across its urban planning components.

At the heart of the development lies the “Wellness Boulevard,” featuring premium healthcare facilities, alongside restaurants, water features, and expansive green spaces, creating a holistic environment centered on residents’ well-being and a balanced lifestyle.

Okasha stated that Banque Misr’s role in the agreement includes managing the project’s collections and payments through a comprehensive suite of digital banking solutions, noting that the contract extends the bank’s efforts to facilitate commercial transactions and provide secure, fast payment channels for investors.

He added that the agreement also aims to offer efficient electronic payment channels as accessible alternatives for clients, significantly supporting financial inclusion goals and accelerating digital transformation in line with market demands, particularly within the real estate sector.

For his part, El Qoussi emphasized that the strategic partnership with Banque Misr and SODIC enhances transparency and governance in real estate project management, safeguarding the rights of all stakeholders and strengthening investor confidence in the Egyptian market.

He further noted that MIDAR’s collaboration with SODIC on the Eastvale project in MADA, New Cairo, reflects the company’s success in attracting leading real estate developers and regional and international investors, reinforcing its position as a key investment destination in Egypt’s property market.