PROJECTS: Egyptian developer Amer Group's secures $28mln loan for Porto Heliopolis

Subsidiary Delmar for Touristic Development signs loan agreement with Ahli United Bank

  
Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

REUTERS/Amr Abdallah Dalsh

Egypt's Amer Group announced on Thursday that has signed a 450 million Egyptian pounds ($28.8 million) loan agreement to finance its Porto Heliopolis project in East Cairo.

The company said in a stock exchange statement that its subsidiary Delmar for Touristic Development signed the loan agreement with Ahli United Bank.

The mixed-use Porto Heliopolis project was launched in October 2019, according to local media reports.

(1 US Dollar = 15.70 Egyptian Pounds)

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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