ArabFinance: IGI Real Estate plans to achieve EGP 5 billion worth of sales from the final phases of its Hay Al Ashgar project in the 6th of October City, the company’s Chairman Khaled Sheta told Hapi Journal.
The development is expected to be fully executed in 2023, Sheta stated.
He noted that IGI invested about EGP 2.5 billion in the final stages of Hay Al Ashgar, excluding the commercial and administrative expenses.
Sheta added that the real estate developer has set a timeframe suitable for the available liquidity.
IGI Real Estate has withdrawn EGP 100 million of the recent EGP 600 million loan from the National Bank of Egypt (NBE), the chairman stated.
He revealed that the NBE’s funding will be disbursed over 1.5 years as EGP 100 million per each three-month tier.
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