Egyptian developer Misr Italia Properties will borrow 600 million Egyptian pounds ($37 million) to complete its 90,000 square metres (sqm) Cairo Business Park project in New Cairo, the company's CEO told Thomson Reuters projects.

Mohamed Hany El-Assal said that the company will sign a loan agreement with banks in coming weeks without disclosing the timeline or details about the banks.

The 2.5 billion pounds ($155 million) business park also includes 42 offices, a 130-key 4-star hotel operated by Hilton and leisure facilities, he said on the sidelines of a round table last week.

El-Assal said the first phase of the project, which includes the hotel, would be delivered in June 2020 and the entire project would be completed in 2022.

(1 US Dollar = 16.15 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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