Remco for Tourism Villages Construction teamed up with its subsidiaries and sister companies to obtain long-term co-financing amounts to EGP 3.3 billion, according to the company’s November 22ndstatement filed to the Egyptian Exchange.

The loan will be disbursed in two tranches; the first tranche amounts to EGP 2.438 billion that will finance EGP 2.138 billion leasing contracts of Techno Lease and Remco's indebtedness of EGP 300 million.

The second tranche that amounts to EGP 862 million will be utilized in finance the working capital of Remco.

The company reported a standalone net loss of EGP 52,210,987 in the January-September period of 2020, a 74% decline from EGP 204,455,446 incurred in the corresponding period a year earlier.

State-run Banque Misr recently revealed it could be the lead arranger of an EGP 3 billion loan for Remco.

Remco is an Egypt-based company that operates in the tourism and entertainment projects development and construction. The company acquires plots of land, designs the development, sells individual units, and retains ownership of public areas such as hotels, landscaped areas, housing complexes, beaches, and water and sewage treatment plants.

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