22 August 2019
Egyptian real estate developer Inertia has signed an agreement with Banque Du Caire for a 575 million Egyptian pounds ($34.6 million) loan to finance its Jefaira mixed-use project on the North Coast.
The loan agreement was signed at a press event on Tuesday by Inertia Chairman Hussein Rifai and managing director Ahmed El Adawy, and Banque du Caire Chairman and CEO Tarek Fayed.
Speaking to Thomson Reuters Projects on the sidelines of the press event, El Adawy said the loan has a five-year tenor, and would be used to construct the first and second phases of Jefaira.
"The loan is expected to be disbursed to Inertia within a month," he disclosed, adding that two phases are scheduled to be delivered by 2021.
The project's master plan was designed by Hong Kong-based 10 Design, according to a May 2017 press statement on the architectural firm's website.
The 5.4-million square-metre development would include a total of 12,000 residential units as well as a health and wellness centre, schools and colleges, a sports academy, hotels, a convention centre, retail spaces and a 34-acre central park, according to information provided by Inertia.
El Adawy said the company plans to deliver 900 residential units in the first phase.
He also disclosed that the company is in talks with the government to acquire land to develop residential projects in New Cairo and Ain Sokhna.
Inertia has so far developed 20 percent of its total land bank of seven million square metres, he noted.
(Reporting by Marwa Abo Al Majd; Editing by Anoop Menon)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal
© Thomson Reuters Projects News 2019