Egyptian property developer Tatweer Misr secured an EGP 3.5 billion medium-term loan facility from the Arab African International Bank (AAIB) to accelerate the pace of construction of its two projects in Ain Sokhna and Mostakbal City.
AAIB will market finance to numerous banks that operate in the Egyptian market under the terms of this contract, taking on the roles of first principal including lead arranger, coverage guarantor, facilitation agent, and guarantee agent.
“This facility represents a continuation of its leading role in supporting the Egyptian economy, especially the real estate development sector, which is one of the key sectors contributing to the local economy,” said Tamer Khalifa, Deputy Managing Director of the AAIB.
The lender will provide a medium-term facility to Tatweer Misr, which has a portfolio of mega projects in strategic locations in the Egyptian real estate market, most notably east and west of Cairo, Ain Sokhna, and the North Coast.
“The bank’s leadership in real estate developer financing is based on its extensive experience in providing comprehensive solutions to ensure the necessary liquidity for accelerating project implementation and establishing integrated urban and touristic communities in line with the vision of Egypt 2030,” added Khalifa.
The developer plans to use the facility to accelerate the pace of construction works in both IL Monte Galala and Bloomfields projects, as part of the company’s strategy to deliver upon their promises to their clients and provide real estate products that ensure the creation of added value for its clients, shareholders, and partners in the Egyptian market.
