EALB secures EGP300mln funds for Almostakbal City developers
The state-owned Egyptian Arab Land Bank (EALB) has secured an amount of 300 million Egyptian pounds ($17.4 million) in funding for the real estate developers in Almostakbal City up until the present, its deputy chairman said.
Amr Gad Allah told Amwal Al Ghad that the bank has a plan to expand in the corporate loans portfolio especially for the real estate, construction, energy, iron, steel and gas sectors.
Mostakbal City is the flagship and largest planned mixed-use development in Egypt’s New Cairo district, being developed on an area of 45 million square metres consisting of five phases, where the roads and green areas represent 50 percent of the total area of the city.
El Mostakbal is the master developer of Mostakbal City, in charge of preparing the master plan, urban planning, and design guidelines for the whole project, securing the governmental approvals, and implementing the main roads network along with main infrastructure networks.
However, the company has incorporated number of real estate developers sub-developers to be responsible for developing the different areas of the project including the state-run construction firm Hassan Allam, Tatweer Misr, Maxim Investment, Al Ahly for Real Estate Development, ARDIC for Real Estate Developments, and Wadi Degla Developments.
Founded in 2006, El Mostakbal for Urban Development is an Egyptian incorporated company in which major state-run banks and construction firm are main shareholders; Banque Misr, National Investment Bank, National Bank of Egypt, and Arab Contractors.
