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Misr Italia mulls EGP 600m loan arranged by NBE - CEO

Misr Italia mulls EGP 600m loan arranged by NBE - CEO
The loan will be used to complete Cairo Business Park's construction works

BY: Abdullah Bedir

Cairo – Mubasher: Misr Italia Properties will sign a loan contract worth EGP 600 million that will be arranged by the National Bank of Egypt (NBE) during the coming weeks, the firm’s CEO, Mohamed Hany Al-Assal, said.

Answering a question by Mubasher, Al-Assal stated that the loan will be provided by three banks, including the NBE and the Egyptian Gulf Bank (EG Bank).   

The loan will be used to complete the construction works of Cairo Business Park in New Cairo, which includes the 130-key Hilton Garden Inn Hotel as well as 42 administrative buildings on an area of 90,000 square metres.

The CEO concluded that Misr Italia intends to finance its commercial, administrative, and hotel projects in the New Administrative Capital through loans.

Translated by: Amal A. Wahaab