Tatweer Misr secures a bridge loan of EGP 240 mn from Arab African International Bank (AAIB) to finance the construction of the Bloomfields Mostakbal City and Monte Galala projects, Invest-Gate reports.
Ahmed Shalaby, President and CEO of Tatweer Misr, states that his company has submitted a request to the National Bank of Egypt, AAIb, and Bank Misr to borrow EGP 3.5 bn, and the company has obtained semi-final approvals to receive the loan from the alliance.
Shalaby notes that the recent changes in the global economies and the rise in building materials prices prompted the company to amend the feasibility studies of the two projects with the alliance.
He points out that the AAIB will disburse EGP 240 mn in a bridge loan, and the rest to be provided after signing the contracts in September.
The CEO states that the company is interested in all financing mechanisms available in the market, including financial leasing and securitization, adding that his company might resort to a mechanism such as securitization within two years after delivering 3000 units in its various projects.
It is worth noting that Tatweer Misr plans to deliver 2000 residential unit a year over the coming few years.