Egypt’s second biggest state lender, Banque Misr is arranging syndicated finance worth two billion Egyptian pounds ($225 million) to build a furniture city in Damietta, its chairman said Monday.
Mohamed Eletreby further told Amwal Al Ghad that Banque Misr is in the process to conclude feasibility studies on Damietta Furniture City.
Banque Misr has signed on Monday a protocol on cooperation Damietta Furniture City Company to provide 1.5 billion pounds to finance small craftsmen in the city, at a five percent interest rate within one year.
Damietta Furniture City is an Integrated project with a total area of 1.4 million square metres for the development of the furniture industry, including industrial parks and exhibitions and administrative and hotel buildings. The project acts as a catalyst to attract domestic and foreign investment in this vital sector.