In alliance with other banks, Housing and Development Bank
(HD Bank) (HDBK) lends EGP650-million loan to Vetopharm Nerhadou International to establish a pharmaceutical factory in Burj Al Arab, according to Al-Mal news website.
The project includes two production units. The first unit will produce all drugs and medical preparations while the second unit will produce biological medicines.
Housing and Development Bank has allied with Egyptian Arab Land Bank, Export Development Bank Of Egypt, Industrial Development Bank and Suez Canal Bank to secure the loan.
HD Bank reported a consolidated net profit of EGP 1.058 billion in the first half (H1) of 2020, a 5% decline from EGP 1.118 billion achieved in H1 2019.
The Egypt-based commercial and investment bank principally operates in the housing and development sector. The institution also contributes to alleviating the housing problem through the establishment of an integrated group of housing projects across Egypt.
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