Cairo – Mubasher: Porto Group Holding signed a funding agreement to guarantee a loan for its subsidiary Porto October.

The EGP 500 million long-term Musharakah agreement was signed with Banque Misr – Islamic Banking Sector, the company said in a bourse disclosure on Thursday.

The loan will finance the completion of Porto October’s project spanning over 1.38 million square metres in the heart of 6th of October City.

During the first six months of 2020, Porto Group turned to net losses of EGP 24.7 million, versus net profits of EGP 80.07 million in the same period a year earlier, including shareholders’ rights.