Tatweer Misr, a leading real estate development company in Egypt, has signed a medium-term facility contract worth EGP 3.5 bn with the Arab African International Bank (AAIB), Invest-Gate reports.

The contract aims to expedite the construction progress of two of Tatweer Misr’s projects: “IL Monte Galala” in Ain Sokhna and “Bloomfields” in Mostakbal City.

The contract was signed by Ahmed Shalaby, President and CEO of Tatweer Misr, and Tamer Khalifa, Deputy Managing Director of AAIB.

The signing ceremony was attended by Baher Ayoub, Senior Vice President and CEO Projects of Tatweer Misr; Mohab Saad, Vice President Finance and Operations of Tatweer Misr; Amani Samir, Head of Corporate and Institutional Banking of AAIB; Khaled Shalkamy, Team Leader of Large Corporate of AAIB; and several executives from both organizations.

Under the terms of the contract, AAIB will provide market finance to multiple banks operating in the Egyptian market. AAIB will serve as the first principal, acting as the lead arranger, coverage guarantor, facilitation agent, and guarantee agent for the financing. Notable legal advisories involved in the transaction include Matouk Bassiouny and Hennawy representing AAIB, and the office of Sarie El-Din and Partners representing Tatweer Misr.

Ahmed Shalaby expressed his satisfaction with Tatweer Misr securing a medium-term facility of EGP 3.5 bn, which reflects the banking sector’s confidence in the company’s capabilities and its commitment to fulfilling its obligations.