Egypt’s property developer Inertia Holding Group has signed a 575 million Egyptian pounds ($35 million) loan deal with Banque du Caire develop the company’s projects and Jefaira North Coast.
During the loan’s signing ceremony on Tuesday, Inertia’s CEO Ahmed El Adawy said the fund will be directed to construction works in the company’s projects, elaborating that the loan covers about 55-60% of the total targeted construction rate within a year.
“The loan will be disbursed within a year and will be repaid over five years,” El Adawy said.
Additionally, he revealed that the company has achieved 4.5 billion pounds in sales since launching Jefaira project and eyes 5.5 billion pounds at the end of the current year, disclosing that the first phase of the project has been sold out and the company managed to market 90 percent of the second phase of the project.
Tarek Fayed, chairperson and CEO of Banque du Caire, said Inertia is one of the most modern heavyweight companies and has a strong portfolio of real estate projects in distinctive areas.
Fayed added that the bank’s strategy focuses on providing finance to promising sectors that support macroeconomic growth in general, especially real estate development and construction sectors, as these sectors are able to create new job opportunities in local market and achieve added value in promoting urban development.
Hussein Rifai, chairperson and board member of Inertia, pointed out that the arrangement to obtain the targeted financing from Banque du Caire took a period of six months during which cooperation with an integrated team from Banque du Caire has been achieved.
Rifai added that the funding directed by Banque du Caire is sufficient to support the financing needs of the company’s construction works over the next two years.
Source: Daily news