Inertia Egypt inks deal with Banque Misr to obtain Islamic funding

The project is being built over an area of 5.5mln square metres

  
People walk in front of Banque Misr in Cairo, Egypt, November 3, 2016. Image used for illustrative purpose.

People walk in front of Banque Misr in Cairo, Egypt, November 3, 2016. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Cairo –  Inertia Egypt signed a contract with Banque Misr to obtain a medium-term Islamic funding worth EGP 1.1 billion to finance the company’s project on the North Coast.

The Mudarabah funding will be used to finance the development of the Jefaira project over a period of eight and a half years, according to a statement on Tuesday.

The project is being built over an area of 5.5 million square metres on the North Coast with an investment of EGP 66 million. Upon completion, the project is expected to include 12,000-14,000 units.

Source: Mubasher

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