Banque Misr signs cooperation protocol with Inertia, granting the company a medium-term Islamic financing in the amount of EGP 1.1 bn, Invest-Gate reports.
The sum is to finance the Jefaira project in North Coast, as part of the fourth phase of the project with a facility that extends for a period of 8.5 years.
The Jefaira project, an integrated coastal city, is built on an area of 5.5 mn sqm with total investments of about EGP 66 bn to create approximately 12,000 to 14,000 units. The project includes various medical, educational, and recreational services to run throughout the year. The company started construction on the project during 2017.
Eng. Ahmed Al-Adawy, CEO of Inertia, states that protocol signing comes within the framework of supporting and developing the company’s financial plans, saying, we are happy to cooperate with Banque Misr, which is one of the oldest Egyptian banks that has always supported the Egyptian economy. The central special interest rate has encouraged the developer to borrow from banks to accelerate the pace of work and pump the necessary liquidity into projects and adhere to delivery dates.
Engineer Hussein Rifai, founding partner and CEO of Inertia Engineering and Trading, notes that the loan is a sign of good relations between the banking system in general and real estate development companies, thus offering more confidence in the sector that is witnessing continuous growth.