Ora Developers negotiates with 3 banks over EGP 2bn loan

Ora Developers is currently in negotiations with three to four banks over a 2 billion Egyptian pounds loan, the CEO, Haitham Abdel Azeem, said.

After the completion of negotiations, the company will inject 1.5 billion pounds into ZED Zayed and 500 million pounds into ZED East in New Cairo, the CEO told reports on the sidelines of an event held in Cairo.

The real estate developer previously obtained a 1 billion pounds loan from Banque Misr to finance ZED Zayed project, he added.

In May 2019, Ora Developers, chaired by Naguib Sawiris, launched ZED project in Sheikh Zayed with investments of 35 billion pounds.

The development, spanning over 165 feddans, comprises 5,000 residential units in two 20-storey interconnected towers and other apartment buildings of 10 floors.

ZED East in New Cairo was launched in January with a plan to be built over 400 feddans with EGP 100 billion investments.