Tatweer Misr receives a facility of EGP 400 mn from the Commercial International Bank (CIB) to accelerate unit delivery in the Fouka Bay project, Invest-Gate reports.

The facility will be used for the development and acceleration of works at Fouka Bay in the North Coast. The loan was granted against commercial units of the project’s handover.

Units of the third and fourth phases of the project are slated for delivery in 2023 and 2024, respectively.

“We are thrilled to renew our cooperation with CIB to leverage the financing and advisory services provided by the bank,” Ahmed Shalaby, President and CEO of Tatweer Misr, comments.

Amr El Ganainy, CEO of CIB, notes that the agreement with Tatweer Misr is the beginning of a series of financing transactions between them.

Situated on 220 acres, the project is launched in North Coast’s Ras Al-Hikma, in cooperation with the Egyptian Company for Urban Development and Tourism Investment, which is the land’s owner.