EDBE loans $64mln to establish full-fledged project in Egypt's Sheikh Zayed

The loan will be allocated to investment in a residential project

  
Construction workers are seen at new houses on the outskirts of Cairo, Egypt, October 21, 2019.

Construction workers are seen at new houses on the outskirts of Cairo, Egypt, October 21, 2019.

REUTERS/Shokry Hussien
 

Egypt - The Export Development Bank of Egypt (EDBE) (EXPA) manages and markets joint financing worth EGP 1 billion to Badr El Din Real Estate Projects company, Shorouk news cited unnamed banking sources.

The loan will be allocated to investment in a residential project in Sheikh Zayed City spanning 205 acres.

In a partnership with Arkan Palm for Real Estate Investment and New Urban Communities Authority, Badr El Din Real Estate will establish a full-fledged residential project.

EDBE's board of directors approved the estimated budget for 18 months started July 1st, 2020 until December 31st, 2021.

Arkan Palm ownership consists of 60% Badr El Din, 20% BADR Investments, and 20% Palm Hills.

The listed bank is an Egypt-based public shareholding company that operates in the banking sector. The bank offers banking and financial services, which encourage the export activities of the agricultural, industrial, commercial, and services sectors.

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