Banque du Caire and TAMEER have signed a financing agreement totaling EGP 956 mn, Invest-Gate reports.

The purpose of the contract is to expedite the construction progress of the Urban Business Lane (UBL) project, one of the largest integrated business complexes in New Cairo.

The project encompasses 10 administrative and commercial buildings in the Fifth Settlement, covering a total area of 92,000 sqm. The estimated investment cost for the project is EGP 8.6 bn.

The financing agreement was signed by Tarek Fayed, Chairman and CEO of Banque du Caire, and Saad Al-Wazzan, Chairman of TAMEER. The signing ceremony was attended by Bahaa Al-Shafie, Executive Vice Chairman of Banque du Caire, Waly Dolaty, Vice Chairman of TAMEER, Alaa Shukri, a member of TAMEER’s Board of Directors, as well as several leaders and officials from both companies.

Tarek Fayed emphasized that the financing contract is part of the bank’s ongoing efforts to support the real estate sector and major real estate companies. The bank aims to provide the necessary funds for distinctive real estate projects that are economically viable. These projects are of significant interest to the state as they create numerous job opportunities and contribute to the growth of industries associated with this strategic sector.

Fayed further stated that the bank’s business strategy and expansion plan prioritize active sectors, with a particular focus on financing major development projects that align with the state’s plans to achieve Egypt’s Vision 2030.