GlobalCorp for Financial Services said on Tuesday that it has signed a 450-million-Egyptian-pound ($24 million) leasing facility agreement with developer Mountain View for Investment and Real Estate Development to finance the construction of Mountain View’s ongoing projects.

GlobalCorp said in a press statement that the tenor of the facility is seven years.

The statement, quoting a Mountain View official, said that in 2017, GlobalCorp had provided factoring facilities worth 250 million pounds ($13 million) to the Mountain View.

The developer’s landbank stands at 2,225 acres, the statement said.

According to the statement, its portfolio of projects in West Cairo comprises iCity, Chill Out Park and Mountain View Giza Plateau in 6th of October City; the East Cairo portfolio comprises iCity, Mountain View 1, Mountain View 2, Mountain View Hyde Park and Mountain View Executive Residence in the 5th settlement. On the Red Sea coast, the company has Mountain View Sokhna 1 and 2 in Sokhna, and on the Mediterranean Sea, it has Mountain View Ras ElHekma.

(1 US Dollar = 18.70 Egyptian Pounds)

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon @lseg.com)