Inertia signs a bridge loan with Banque Misr and Banque Du Caire worth EGP 850 mn to finance the investment cost of the company’s flagship project, Jefaira, located in the North Coast, Invest-Gate reports.
“We are proud to cooperate with both Banque Misr and Banque Du Caire, as we believe in the importance of the banking sector’s support for the real estate industry. Their cooperation is pivotal to the economic advancement as well as the enhancement of the Egyptian economy,” Ahmed El Adawy, CEO of Inertia, comments.
El Adawy points out that this financing will support the company’s plans in increasing the construction work in Jefaira, which is strategically located on the Mediterranean Sea.
He adds that this is not the first cooperation with Banque Misr and Banque Du Caire, which further reflects the bank’s confidence & trust in the company.
A cooperation protocol was signed with Banque Misr, which granted the company medium-term Islamic financing of EGP 1.1 bn, and was directed to the fourth phase of the project. Additionally, an EGP 575 mn financing contract was signed with Banque du Caire for the first phase of the project.
It is worth noting that Jefaira is set to be an all-year-round destination offering educational & health facilities, hotels, clubhouses and sports facilities spread on an area of 5.8 mn sqm. Jefaira is situated in a prime location on the banks of the Mediterranean Sea in Egypt’s North Coast.