CIB arranges $130mn Loan for Wadi Degla Holding

The Commercial International Bank (CIB), Egypt’s biggest private-sector bank, is to arrange a syndicated loan for Wadi Degla Holding Company worth 1 billion Egyptian pounds (US$129.5 million), Wadi Degla’s CEO Maged Helmy said Thursday.

The syndicated loan will be arranged by a consortium encompassing a number of other banks, Helmy added during a press conference held by the firm Wednesday.

He added that the loan would be allocated to implement the company’s Neopolis project. The project is with total cost of 13 billion pounds.

Neopolis is a residential compound that will be established in Future City with expected revenues estimated at  20 billion pounds.

Helmy clarified that the means of funding the project diversify between securitization, increasing the company’s capital, promoting the project in addition to securing a loan.

The project will be executed through five phases over six years from the date of issuing the ministerial decree and starting constructing the project.

On other side, Wadi Degla Holding Company has signed a contract with El Mostakbal for Urban Development to develop 545 feddans in New Cairo city with the cost of 1608 Egyptian pounds for meter to establish 14,000 housing units with spaces ranging between 107m2 and 345m2 in addition to a club and two schools.

Moreover, Wadi Degla Holding Company has issued securitized bonds worth 187 million pounds to cover the debts of affiliated projects in three cities: Ain Sukhna, Northern Coast, and 6th of October.