Export Development Bank Sets Up New Project In Nasr City
The Export Development Bank of Egypt studies establishing a huge project in Nasr City on a land valued at EGP 385 million. The ownership of this land, which has an area of 17,000 m2, was transferred to the bank after a debt settlement agreement with a faltering customer.
The Egyptian Real Estate Investments Company, the bank’s subsidiary company, will establish a huge stockroom for the products of the large companies and a market for selling these products.
The investment cost of the project is estimated at EGP one billion. The bank will ask a project management company to establish the project which is expected to achieve huge profits in the next years.
The bank’s real estate assets portfolio is valued at EGP 700 million at the end of the last fiscal year after transferring the ownership of the land to its subsidiary. The bank also owns a number of hotels, lands and ships and plans to develop and sell them when the real estate market recovers.
