Egyptian International Construction Company has signed a 990 million Egyptian pounds ($20.5 million) medium-term loan agreement with SAIB Bank to finance part of the investment cost of its Taj Tower project in the New Administrative Capital, the company’s chairman said.

Mostafa Khalil, Chairman and Managing Director of the company, told Zawya Projects that about 35 percent of the tower’s construction has been completed.

Delivery of the EGP 4.8 billion ($99 million) project is scheduled by 2027, he added.

The 60-storey tower, located on an 8,000-square-metre plot in the MU7 area of the New Capital, is one of the company’s flagship projects.

SAIB Bank CEO Afdal Naguib said the loan is part of the bank’s strategy to support large-scale real estate ventures that align with Egypt’s Vision 2030 goals.

He added that the bank aims to diversify financing tools and expand its customer base while strengthening strategic partnerships with top developers.

(1 US Dollar = 48.38 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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