Egypt’s housing bank provides $61mn financing to property developers

Egyptian state-owned Housing and Development Bank (HDB) has provided 1 billion Egyptian pounds ($61.4 million) in financing to real estate developers, HDB’s Head of Division, Corporate, and Syndication Loans Ayman Tobar told Munasher on Sunday..

On the sidelines of signing HDB’s new administrative building deal, Tobar added that the bank’s total credit portfolio increased to 18 billion pounds to date.

He also added that the bank has recently taken part in the arrangement of many syndicated loan facilities such as the provided loan to Redcon Construction.

In August, HDB announced its standalone profits grew by 7.8 percent for the first half of the year, recording 1.072 billion from 994 million pounds  in the year-ago period.