Imkan Misr signs a contract with First Abu Dhabi Bank (FAB) to finance housing units at Al Burouj project with a maximum of EGP 15 bn and with a payment period up to 15 years, Invest-Gate reports.

Mohamed Fayed, CEO of FAB Egypt, reveals that the contract is being signed to finance the purchase of housing units being delivered, or those ready for delivery in Al Burouj project. Al Burouj is being implemented with a total investment of EGP 47 bn.

CEO Abdalla El Nockrashy explains that Imkan Misr seeks to provide all types of financing solutions to support its customers, pointing out that according to the contract, the customer can obtain financing of up to 85% of the initial unit’s price from villas, townhouses, duplexes to apartments.

The contract also provides an opportunity to renew loans of clients who wish to apply for more finishes than the ones agreed on initially with financing of up to 40% of the market value of the unit that was delivered or is ready for delivery. Current owners can also extend their lending periods.

Al Burouj is located on an area of ​​5 mn sqm and includes 15,000 fully finished housing units with a business complex on an area of ​​120,000 sqm.