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Housing and Development Properties (HDP), the real estate arm of Egypt’s Housing and Development Bank (HDB), has signed a 1.5 billion Egyptian pounds ($29 million) strategic financing facility with MIDBANK to fund growth plans and expand its project portfolio.
The facility begins with an initial tranche of EGP750 million, HDP said in a press statement, adding that the funds will be used for current and upcoming projects.
The company said it has launched 11 projects in less than three years across East Cairo, West Cairo and North Coast.
(1 US Dollar = 52.00 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
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