Egyptian International Construction Company and Taj Misr Developments have signed a medium-term loan agreement worth EGP 990 mn with SAIB Bank to finance part of the investment cost of Taj Tower in the New Capital, Invest-Gate reports.

With a total investment value of EGP 4.8 bn , Taj Tower is a landmark commercial and administrative project located on plot 14-CN in the MU7 area, directly on the northern Mohammed bin Zayed axis and opposite the Iconic Tower. Spanning 8,000 sqm, the tower is set for phased delivery by 2027, with 35% of construction already completed.

The agreement was signed by Mr. Mostafa Khalil, Chairman and Managing Director of Egyptian International Construction Company and Taj Misr Developments, and Mr. Afdal Naguib, CEO and Managing Director of SAIB Bank. The ceremony was attended by senior representatives from both sides, including Mr. Tarek Abdo, Deputy Managing Director for Business and Banking Sectors at SAIB Bank, and Ms. Amani Samir, Assistant Managing Director for Central Credit and Investment Sectors.

Khalil emphasized that the cooperation with SAIB Bank reflects the importance of integration between Egypt’s banking sector and private developers, stressing that such partnerships play a vital role in supporting the national economy and accelerating the implementation of key real estate projects.

For his part, Naguib affirmed that the financing aligns with SAIB Bank’s strategy of supporting major development projects that create job opportunities and stimulate related industries. He added that the bank is committed to diversifying its financing tools and providing innovative solutions to strengthen Egypt’s real estate sector and contribute to achieving the state’s Vision 2030.