Cairo for Investment and Real Estate Development (CIRA) signed an agreement with the European Bank for Reconstruction and Development (EBRD) for an EGP-denominated facility worth EUR 25 mn ( EGP 442.78 mn) to establish a university in west Assiut’s Nasser City, Invest-Gate reports.

The EBRD will also be providing the private-sector education outfit with a EUR 400,000 (EGP 7.08 mn) grant for incorporating “innovative sustainable design features and technologies required to achieve the green building certification targeted,” the statement read.

CIRA is aiming to position the university as a cultural and educational hub in Upper Egypt, with the support of the Ministry of Housing, Utilities, and Urban Communities.

“Our partnership with EBRD will add an important dimension toward both accelerating and enhancing the establishment of a top model of impactful environmental friendly universities in Egypt,” Mohamed El Kalla, CEO of CIRA, said.