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Cairo Investment seeks EGP 300m loan for Badr University expansion

Cairo Investment seeks EGP 300m loan for Badr University expansion
The number of students at Badr University has increased by 24% y-o-y in 6M

Cairo – Mubasher: Cairo Investment and Real Estate Development on Monday announced it is seeking to get a loan facility worth around EGP 250 million to EGP 300 million to complete the construction of Badr University.

The company’s board of directors has assigned their managing director to finalise the loan agreement with one of the banks, according to a statement to the Egyptian Exchange (EGX).

The company is currently constructing new four buildings in Badr University, Cairo Investment added in a separate statement.

These buildings are set to include the faculties of medicine, applied medicine, biotechnology, veterinary medicine, and nutrition, the company highlighted.

The number of students at Badr University has increased by 24% during the first half of 2019, reaching 7,885 students, the company indicated.

In the same vein, the company said that the number of students in affiliated schools grew by 13% year-on-year to 24,290 during H1-19.

It is worth noting that Cairo Investment had reported a net profit of EGP 148.43 million for the six-month period ended February, versus EGP 113.95 million in the same period a year earlier.