Talaat Moustafa Group’s unit obtains loan

The five-year loan carries a grace period of 12 months

  
Image used for illustrative purpose. A bank employee counts stacks of Egyptian 5 pound and 50 piastre notes as he works at Bank Misr in downtown Cairo, Egypt, June 8, 2016.

Image used for illustrative purpose. A bank employee counts stacks of Egyptian 5 pound and 50 piastre notes as he works at Bank Misr in downtown Cairo, Egypt, June 8, 2016.

REUTERS/Amr Abdallah Dalsh

ArabFinance: A syndicate of five domestic banks approved an EGP 1.3 billion loan to Talaat Moustafa Group’s (TMG) subsidiary, the Arab Company for Projects and Urban Development, to fund the development of its Celia project in east Cairo, Al Mal News reported.

The syndicate includes the National Bank of Egypt, Arab African International Bank, Abu Dhabi Commercial Bank, Arab Bank, and Suez Canal Bank, with the first two banks serving as lead arrangers.

Celia residential project is being built on an area of 500 acres in the New Administrative Capital’s Green River Park.

The five-year loan carries a grace period of 12 months, the news website noted.

The listed developer reported a net profit of EGP 1.569 billion during the first nine months of 2020, compared to EGP 1.312 billion in the same period a year ago.

TMG is an Egypt-based company engaged in real estate investment activities. The company establishes and develops hotels and touristic and residential projects in Egypt.

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