Cairo Investment eyes $17.3 mln loan to finalise Badr University

Big 5

Cairo Investment and Real Estate Development said on Monday it plans to get a loan facility ranging between around 250 million and 300 million Egyptian pounds ($14.4-$17.3 million) to complete the construction works of Badr University.

The company’s board of directors has assigned their managing director to finalise the loan agreement with one of the banks, according to a statement to the Egyptian Exchange (EGX).

The company is currently constructing new four buildings in Badr University, Cairo Investment added in a separate statement.

These buildings are set to include the faculties of medicine, applied medicine, biotechnology, veterinary medicine, and nutrition, the company highlighted.

The number of students at Badr University has increased by 24% during the first half of 2019, reaching 7,885 students, the company indicated.

In the same vein, the company said that the number of students in affiliated schools grew by 13% year-on-year to 24,290 during H1-19.

Moreover, Cairo Investment reported a net profit of 148.43 million pounds during the six months of 2018 from 113.95 million pounds in the same period a year earlier.