Inertia has signed a five-year EGP 575 mn loan agreement with Banque du Caire, attempting to finance construction works at its flagship project on the North Coast, Jefaira, among other projects, Invest-Gate reports.
The cooperation protocol was inked by Chairman and CEO of Banque du Caire Tarek Fayed and Inertia’s Managing Director Ahmed El Adawy, during a signing ceremony held in Four Seasons Hotel Cairo at Nile Plaza on August 20, in the presence of several dignitaries of both sides.
Under the deal, the company will have one year to repay the debt following the end of the loan period, El Adway stated, noting that the investment value of Jefaira’s first phase exceeds EGP 2 bn.
“As one of the largest and oldest banks operating nationwide, Banque du Caire’s cooperation will contribute to accelerating the implementation of Jefaira as well as other developments, while bringing about further real estate development and innovation that distinguish Inertia from other property developers in the Egyptian market,” El Adawy highlighted.
On his part, Fayed stressed Banque du Caire’s eagerness to support Egypt’s real estate sector through pumping all the necessary funds for economically feasible housing and labor-intensive projects, in the light of its effective role in creating thousands of job opportunities and revitalizing the industries that feed on this pivotal market.
He pointed out that the bank’s strategy and expansion plan aims at giving full priority to all credit sectors, with a special focus on financing various major development projects that come in line with the state’s endeavors to achieve Egypt 2030 Vision.
Stretching over nearly 5.5 mn square meters, overlooking the Mediterranean Sea’s enigmatic shores, Jefaira is fashioned to foster a distinctive community that is driven for challenging the conventional lifestyle, providing an upscale locale to stay in year-round.
Boasting a 3.6-kilometer beachfront, the compound features about 12,000 residential units, varying between chalets, apartments, villas, twin houses, and condos, coming on top of a wide range of services such as a commercial mall, swimming pools, sports fields, among others.
Since the start of 2019, Inertia logged EGP 4.5 bn in sales from Jefaira, planning to generate seal deals totaled at EGP 5.5 bn by year-end. Phase I, which is slated for delivery in 2021, was sold out, while roughly 9% of the project’s second phase was completely marketed, El Adawy revealed on the sidelines of the event.
