Egypt's Amer Group announced on Thursday that has signed a 450 million Egyptian pounds ($28.8 million) loan agreement to finance its Porto Heliopolis project in East Cairo.

The company said in a stock exchange statement that its subsidiary Delmar for Touristic Development signed the loan agreement with Ahli United Bank.

The mixed-use Porto Heliopolis project was launched in October 2019, according to local media reports.

(1 US Dollar = 15.70 Egyptian Pounds)

(Writing by Syed Ameen Kader; Editing by Anoop Menon)


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