EGX-listed Remco for Tourism Villages Construction has joined forces with its subsidiaries and sister companies to secure EGP 3.3 bn worth of long-term co-financing, Invest-Gate reports.

The credit facility will be disbursed in two tranches, the first of which amounts to EGP 2.44 bn will bankroll EGP 2.14 bn leasing contracts of Techno Lease, in addition to Remco’s indebtedness of EGP 300 mn, according to the company’s bourse filing on November 22.

Valued at EGP 862 mn, the second tranche is will finance Remco’s working capital, the statement further added.

In the January-September period of 2020, Remco registered a standalone net loss of EGP 52.2 mn, going down 74% compared with the year-ago period.

Previously, state-run Banque Misr has revealed intentions to be the lead arranger of EGP 3 bn in funding for Remco, as highlighted in a previous official statement.