Al-Sharif Holding Group( ASG) signs a long-term financing contract with the National Bank of Egypt to contribute to the investment cost of the Shepherd Hotel development project with a value estimated at EGP 1.4 bn, as the loan amounted to EGP 978.2 mn with an interest of 8% and a grace period of three years, Invest-Gate reports.
“The facilities granted by the National Bank of Egypt, in light of the current challenges of the (Covid-19) pandemic, are strong evidence of pushing the economy forward and encouraging Arab and foreign investment in Egypt,” Al-Shareef Nawaf Bin Fayez the company CEO is quoted as saying in a company press release on February 17.
Nawwaf further praises this step saying,” This is a big and important step for the group’s presence in Egypt and investment in tourism and hospitality sectors as well. “Thanks to everyone who contributed to the success of this project, especially the Egyptian General Company for Tourism and Hotels and the Ministry of Business and their role in the preparation process,” he adds.
On his part Hussein Al-Nattai, the Vice President of the Business Group, expresses his happiness, “These facilities are the beginning of new fruitful business relations with the National Bank of Egypt; we have great confidence in the success of this project.”
It’s worth mentioning that Al-Sharif Holding Group has signed a contract last March with the EGOTH company for Tourism to develop the Shepherd Hotel 3198 sqm with an investment cost estimated at EGP 1.4 bn. The contract also stipulates 75% reliance on local products.