GV Investments signs a cooperation protocol with the Export Development Bank (EBE) to provide soft financing systems for investors in Tarboul City, the largest environmentally friendly smart industrial city in Egypt, Invest-Gate reports.
The deal aims at speeding up the start and implementation projects, which is reflected in increasing the volume of industrial production, increasing Egyptian exports and reducing imports.
Signing the protocol comes within the framework of “Start” or “Ebda” industrial initiative, the national initiative to develop Egyptian industry.
The deal is signed by Sherif Hamouda, Chairman of GV Investments, and Ahmed Galal, Chairman of EBE, in the presence of a number of the company’s leaders.
Hamouda comments that this cooperation with EBE comes in line with the company’s strategy to develop the industrial city of Tarboul on a global level, and to provide all the technical and logistical capabilities that enable investors to implement their projects, in addition to providing the necessary financing at competitive interest rates in order to support the manufacturing sector in Egypt, and work to localize various industries.
Under the deal, EBE will provide the necessary financing for industrial investors who meet the conditions of the Central Bank’s initiative to support small projects, with financing limits of up to 100% of the unit’s value and financing machinery and raw materials, with grace periods of one year, and various payment periods that extend up to 10 years.
In addition, the bank bears the expenses of issuing the necessary insurance policies, with the aim of paying for the construction and operation of factories within the city of Tarboul, which is being developed by the GV Investments in cooperation with the General Authority for Construction and Housing Cooperatives (CHC).
It is worth noting that Tarboul occupies a space of 109 million m2 serving the purpose of sustainable production in a multi-core industrial city that combines unprecedented mix of industrial activities, modern services, logistic facilities, administrative buildings, commercial outlets, workforce housing, and social services.