Egypt's HDB provides $61mln funds to property developers

HDB has recently taken part in the arrangement of many syndicated loan facilities

  
Britain's Labour party leader Jeremy Corbyn applauds after the speech of Labour party MP and Shadow Home Secretary Diane Abbott (not pictured) during the Labour Party annual conference in Brighton, Britain September 22, 2019.

Britain's Labour party leader Jeremy Corbyn applauds after the speech of Labour party MP and Shadow Home Secretary Diane Abbott (not pictured) during the Labour Party annual conference in Brighton, Britain September 22, 2019.

Reuters/Peter Nicholls

Cairo – Mubasher: Housing and Development Bank (HDB), listed on the Egyptian Exchange (EGX), has provided up to EGP 1 billion in financing to real estate developer, the bank’s Head of Division - Corporate and Syndication Loans Ayman Tobar said.

On the sidelines of signing HDB’s new administrative building contract, Tobar noted that the bank’s total credit portfolio has increased to EGP 18 billion to date.

He also added that the bank has recently taken part in the arrangement of many syndicated loan facilities such as the provided loan to Redcon Construction.

In August, HDB announced its standalone profits grew by 7.8% for the first half of 2019 to EGP 1.072 billion, compared to EGP 994 million in the year-ago period.

Source: Mubasher

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