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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)