Heliopolis Housing in talks over 388 mln Egyptian pound credit facility

Egypt’s Heliopolis Company for Housing and Development is negotiating with a number of banks and leasing firms to secure a credit facility worth 388 million Egyptian pounds ($43.6 million).

The loan will go for projects in New Heliopolis and an electricity station, in cooperation with the Egyptian Armed Forces, at total value of 228 million pounds within a timeframe of 24 months, the company said in a bourse filling Monday.

Heliopolis further said the loan would also be used to finance a project to establish a water system for its New Heliopolis project, in cooperation with Misr Concrete Development Co., at total value of 160 million pounds, and a 24-month timeframe.