PROJECTS: Egypt's Next Home seeks $19mln loan for expansion

Company launches $32mln Business Arena project

  
Image used for illustrative purpose. Construction workers looking at blueprint on construction site.

Image used for illustrative purpose. Construction workers looking at blueprint on construction site.

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Egyptian developer Next Home is in talks with three local banks for a 300 million Egyptian pounds ($19 million) loan to fund its expansion plans, company CEO Mostafa El Tounisy told Zawya Projects.

Next Home is negotiating with EG Bank, Egyptian Arab Land Bank, and National Bank of Egypt for the loan, he disclosed.

"We plan to expand in New Administrative Capital, Maadi, and Madinat Nasr, and will announce the details in January 2021," he said on the sidelines of a press conference to launch a new commercial project in East Cairo.

Al-Tounisy said the 500 million pounds ($32 million) Business Arena project, which includes shops, offices, and clinics, is part of the company's Next Point mixed-use project in Maadi and would be delivered in mid-2021.

He said Engineering Consultants Group designed the 4,000-square metre project.

He added that the company had sold 75 percent of the 3,000-unit residential component of Next Point.

(1 US Dollar = 15.70 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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