Maxim Developments receives the new batch of the loan agreed upon with the National Bank of Egypt, amounting to EGP 450mn.
This comes in cooperation with the Arab African Bank to complete the works in the Bou Sidi Abdel Rahman project on the North Coast. The new installment of the loan will be directed to the various works of the project, Invest-Gate reports.
This installment is the third that the National Bank of Egypt disburses to finance the Bou Sidi Abdel Rahman project, following the first of EGP 400 mn, and the second EGP 300 mn, within the framework of the cooperation protocol. The site is with NBE so that the company can raise the rates of employment and business within the project.
Mohamed Karrar, Chairman of Maxim Developments, explains that the bank’s allowances is a new step in confirming a strong cooperation, and a distinguished relationship between the NBE and the Maxim Developments. And adds that the loan comes within the framework of supporting and developing the company’s financial plans.
Maxim Developments plans to deliver 1,200 units this year; the number of units sold so far has reached 2,300 on areas ranging from 60 sqm to 600 sqm. As for the Bou Sidi Abdel Rahman project, it is built on a total area of 3.7 mn sqm, at about 880 acres.