Cairo – Tatweer Misr has obtained financing worth EGP 400 million from the Commercial International Bank-Egypt (CIB) against units of the Fouka Bay project’s handover.
The real estate developer will use the funding to speed up the construction works with the aim of delivering the units of the third and fourth phases of the project in 2023 and 2024, respectively, according to a recent statement.
The financing agreement was signed between Ahmed Shalaby, President and CEO of Tatweer Misr, and Amr El Ganainy, CEO of Institutional Banking at CIB.
The 220-feddan project was launched in 2015 by Tatweer Misr in North Coast’s Ras Al-Hikma district in cooperation with the Egyptian Company for Urban Development and Tourism Investment, which is the land’s owner.
During the first nine months (9M) of 2022, the consolidated net profits of CIB registered EGP 12.19 billion, a jump from EGP 9.87 billion in the corresponding period in 2021.
As for the separate financials, the bank achieved EGP 12.20 billion in net profits during 9M-22, compared with EGP 9.89 billion in 9M-21.
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