Egyptian Arab Land Bank secures $89.1bn for schools, hospitals projects

State-run Egyptian Arab Land Bank (EALB) said on Wednesday it has pumped around 1.5 billion Egyptian pounds ($89.1 million) in finances for a number of schools, hospitals, and universities projects.

These finances will be directed to execute their construction works.

At the end of March, the bank’s corporate portfolio increased to 3.7 billion pounds from 11.1 billion pounds during the same month in 2018, according to EALB’s vice chairman Amr Gadallah.

“The bank studies contributing 700 million pounds to two syndicated loans in favour of natural gas and real estate development sectors within the upcoming period,” Gadallah told Amwal Al Ghad.

Also, EALB has so far pumped finances worth about 300 million pounds for a number of real estate developers into a project located in Mostakbal City in New Cairo, he said.