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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