ArabFinance: A syndicate of five domestic banks approved an EGP 1.3 billion loan to Talaat Moustafa Groups (TMG) subsidiary, the Arab Company for Projects and Urban Development, to fund the development of its Celia project in east Cairo, Al Mal News reported.

The syndicate includes the National Bank of Egypt, Arab African International Bank, Abu Dhabi Commercial Bank, Arab Bank, and Suez Canal Bank, with the first two banks serving as lead arrangers.

Celia residential project is being built on an area of 500 acres in the New Administrative Capitals Green River Park.

The five-year loan carries a grace period of 12 months, the news website noted.

The listed developer reported a net profit of EGP 1.569 billion during the first nine months of 2020, compared to EGP 1.312 billion in the same period a year ago.

TMG is an Egypt-based company engaged in real estate investment activities. The company establishes and develops hotels and touristic and residential projects in Egypt.

Copyright 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.