Egyptian developer Tatweer Misr has signed a 400 million Egyptian pound ($16.3 million) facility from Egypt’s Commercial International Bank (CIB) to step up the pace of construction works for the developer’s Fouka Bay project in Ras Al-Hikma, North Coast.

The facility was granted against Commercial Papers for the delivered units in Fouka Bay, Tatweer Misr said in a press statement.

The developer has delivered the first and second phases of the project, the statement said.

The funds will help accelerate the construction of Phases 3 and 4 to enable their delivery in 2023 and 2024 respectively, the statement added.

Tatweer Misr had launched the 220-acre Fouka Bay in 2015 as a joint venture with Egyptian Company for Urban Development and Tourism Investment.

(1 US Dollar = 24.54 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)