Cairo – Mubasher: Oriental Urban Development (OUD), a subsidiary of Oriental Weavers Group, has unveiled plans to secure EGP 6.5 billion ($370 million) loans from a group of banks to finance its project in Ain Sokhna industrial zone.

Slated for completion in five years, the project’s cost will reach a total of EGP 13 billion, OUD’s chairman Asser Hamdy stated.

Hamdy added that funding the project will 50% as internal financing, while the remaining amount will be borrowed from banks.

OUD is in talks with a group of up to 4 banks to secure the amount required for the project, the top official revealed.

 

Translated by: Muhammad Abdul-Wakeel

Source: Mubasher Exclusive

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