ArabFinance: Real estate developer Rooya Group is currently negotiating with a consortium of banks to obtain EGP 2 billion to bridge its gap financing, Shorouk News cited sources.
The National Bank of Egypt (NBE) and the Arab African International Bank (AAIB) are involved in the funding, according to the unnamed sources.
The additional credit facility will be an extension to an earlier EGP 3 billion worth of loan, bringing the total funding to EGP 5 billion, the sources added.
Rooya is expected to use the credit line in recovering the decline in sales and money inflows.
Earlier this year, the real estate company submitted a request to reschedule a six-year loan worth EGP 3 billion that had been provided in 2018 from eight banks, including the NBE and the AAIB.
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