Banque du Caire approves $67mn loan for Heliopolis Housing’s plans

Egypt’s Heliopolis for Housing and Development says it will borrow a loan of 1.2 billion Egyptian pounds ($67 million) from state-owned lender Banque Du Caire within the next period.

The loan will be directed to execute the firm’s infrastructure and utilities works on vast swathes of land plots in New Heliopolis City, north east of Cairo, its chairman Hany El Deeb said on Wednesday.

“We are set to launch a number of mega residential projects, notably Sun Ville in New Heliopolis next year,” El Deeb told Amwal Al Ghad.

Sun Vill will include nearly 700 units as well as a social club and commercial mall, he said, adding that his company the residential projects are spanning over 1,000 feddans.