Abraj Misr announced payment of EGP 220 million to Export Development Bank of Egypt, for the purchase of The Gate’s project land, reported Al Borsa News.

With the latest payment, the total paid is now EGP 600 million out of the owed EGP 800 million, said Omar El Shenety, CEO of Multiples Group – Abraj Misr Financial Advisory, reported Amwal Al Ghad.

The Gate project lies in the heart of Heliopolis and it’s investments is worth EGP 4.5 billion. The project encompasses seven residential, commercial, retail and office units, and lies over an area of 400,000 square meters.

The project’s implementation is expected to take 5 years, split over four phases.

Abraj Misr relies on three sources of funding for The Gate Project, namely self-finance, bank loans, and unit sales.

“The company is considering a number of bank offers to finance The Gate project and entered the final stages of negotiations with some banks. Agreements with the banks or coalition of banks will be finalized by the Q4 2016,” said El Shenety.

Abraj Misr was founded in 2010 and The Gate is it’s largest eco-friendly residential project to date.