The National Bank of Egypt (NBE) agreed to co-finance a real estate company with EGP 700 million towards an EGP 2 billion project, reported Al Borsa.

The EGP 700 million syndicated loan will be financed by five banks, with the NBE’s share of the loan equalling EGP 300 million, according to Al Mal News.

The first phase of financing is set to be delivered next week, and the loan repayment period is set at five years, said Yahya Abul Fotouh, Vice President of the Board of Directors of NBE.

NBE’s credit portfolio currently stands at EGP 231 billion as of July 2016, with a plan to increase it to EGP 270 billion by the end of the current year, said Abul Fotouh.