By: Islam Fadl

Cairo – Mubasher: Cairo For Investment and Real Estate Development has signed a seven-year funding agreement worth EGP 500 million with the European Bank for Reconstruction and Development (EBRD), the company’s managing director Mohamed El Kalla said.

The funding will be directed to the establishment of a new university in west Assiut, El Kalla added on the sidelines of a conference held on Monday.

The investment cost of the environmentally-friendly university amounts to EGP 2.2 billion, including a construction cost of EGP 1 billion, he noted.

It is noteworthy that during the nine-month period ended 31 May, the company logged a net profit of EGP 231.56 million, compared to EGP 165.39 million in the prior-year period.