Maxim Development said on Wednesday that it has received a new installment of 450 million Egyptian pounds ($29 million) from the syndication lending facility previously signed with National Bank of Egypt (NBE) and the Arab African Bank to finance its Bo Sidi Abd El Rahman project in the North Coast.
 
The money will be used for the project's land installment payment and to expedite its construction, Maxim said in a press statement.
 
Maxim had earlier availed of two installments of 400 million pounds ($25.5 million) and 300 million pounds ($19 million) under the facility, the statement said.
 
Mohamed Karrar, Chairman of Maxim Development said bank financing is crucial in the current dynamic market environment to stay on course with the company's investment plans.
 
The statement said the company plans to deliver more than 1,200 units across all projects in 2021.
 
(1 US Dollar = 15.68 Egyptian Pounds)
 
(Writing by Eman Hamed; Editing by Anoop Menon)
 
 
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