Amer Group’s subsidiary Amer for Tourism Development signs a financing contract with Banque Misr worth of EGP 650 mn to partially finance Porto El Minya and Porto Said projects, Invest-Gate reports.

The financing agreement includes EGP 350 mn as a medium-term loan to finance part of the investment cost of Porto El Minya, and EGP 300 mn as a credit facility to finance Porto Said. This comes within the framework of the Amer Group’s keenness to provide the necessary allocations to accelerate construction in its projects and to be delivered ahead of schedule.

Commenting on this cooperation, Hosny Hani Omar, Amer Group CEO, says that the partnership with Banque Misr is extended, praising the bank’s role in supporting the Egyptian economy and financing development projects in various fields. He explains, “Amer Group seeks to expand its real estate projects throughout the republic to provide units that suit all customers’ needs.”

Porto El Minya is located in the New Minya City. It is built on an area of ​​57 acres, 130 m above sea level, and is designed as a developed residential community at a total cost of EGP 2.7 bn with apartments size ranging from 90 – 280 sqm, and villas size ranging from 167 to 304 sqm. The project is scheduled to be completed by 2024.

With a direct view of the Mediterranean coast, Porto Said is located west of Port Said in the Dibba area. It is the first residential city to be established with international standards on an area of ​​100 acres and includes hotel services directly on the seashore. The project features a 1200 m-long beach. The project will also include Porto Sporting Club – Port Said, a social and sports club.