The European Bank for Reconstruction and Development (EBRD) plans to provide USD 200 mn loan to finance building a green shopping and entertainment mall, City Center Almaza, in east Cairo, Invest-Gate reports.
The new retail and entertainment center, which is owned by Dubai-based retail and leisure developer Majid Al Futtaim, will be launched next September, according to a recent statement by EBRD.
Covering an area of 103,000 square meters, the new center will be developed in line with the latest standards to adopt energy efficiency measures, reduce electricity, and water consumption while reducing greenhouse gas emissions.
This will help the new center achieve the gold-level certification under the LEED green building certification scheme – or Leadership in Energy and Environmental Design, the statement noted. The mall is expected to be one of the only two LEED gold-certified shopping centers in the country, it added.
Additionally, an on-site learning facility will be created to improve access to training and employment opportunities in retail and hospitality for young women and men. The training will be tailored to employers’ needs and demands and delivered in line with international best practices.
“This will contribute to addressing Egypt’s high level of youth unemployment through reducing the skills mismatch and improving the employability of young people,” the statement noted.
Since operating in the country in 2012, the EBRD has invested almost EUR 5 bn in more than 90 mixed-use projects in Egypt.