The agreement was signed between NBE Chairman Yehia Abou El-Fotouh, and IGI Chairman Khaled Sheta and Vice-Chairman Nagy Mokhtar
By Staff Writer, Arab Finance
Egypt-based developer IGI Real Estate signed an EGP 600 million loan agreement with the National Bank of Egypt to fund the former’s project in the 6th of October City, according to a July 28th email statement.
The agreement was signed between NBE Chairman Yehia Abou El-Fotouh, and IGI Chairman Khaled Sheta and Vice-Chairman Nagy Mokhtar.
The company will use the loan to develop the new phases of its Ashgar City project, the statement highlighted.
IGI will raise its capital by EGP 650 million, highlighting that the move "reflects the consolidation of its leading position in the Egyptian real estate market."
Earlier, the real estate developer launched an online virtual tour for its projects, marking "the first of its kind" in Egypt, based on a separate statement.
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