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Banque du Caire contributes to EGP 568m loan to Zizinia El Mostakbal project - Daily News Egypt

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Banque du Caire contributes to EGP 568m loan to Zizinia El Mostakbal project

Bank is keen to support real estate sector through pumping all necessary financing for economically feasible real estate projects in light of state’s interest in such projects, says Fayed


Banque du Caire participated in the syndicated loan arranged to finance ARDIC Developments’ Zizinia El Mostakbal project. The loan is worth EGP 568m in total, while Banque du Caire’s share stands at EGP 100m.

According to Tarek Fayed, chairperson and CEO of the bank, the loan will be directed to the establishment of a full-service residential compound on an area exceeding 70,000 feddans within the first phase of Mostakbal City, noting that the funding will extend over four years.

Fayed stressed the keenness of Banque du Caire to support the real estate sector by injecting all the necessary financing for real estate projects of economic feasibility in light of the state’s interest in these projects, notably the New Administrative Capital project, which provides thousands of job opportunities for youth and contributes to stimulating feeding industries.

He explained that the bank’s new business strategy and expansion plan aims to give full priority to the corporate credit sector, with a focus on financing various major development projects that contribute to supporting the country’s plans to achieve the Sustainable Development Strategy: Egypt’s Vision 2030.

He added that all necessary measures are being taken to develop the bank’s market share in the field of syndicated loans, pointing out that the bank’s participation in this loan reflects confidence in the company’s ability to execute the project professionally, as a step towards achieving growth in the real estate development sector in Egypt.

“Banque du Caire continues to adopt all policies to meet the needs of its clients in the corporate finance sector. The bank has introduced a banking department that aims to provide new and innovative banking solutions to its SME clients by focusing on managing cash flows and working capital, and provide services to finance foreign trade operations, both import and export, and provide payment methods and digital banking services,” Fayed said.

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https://www.dailynewsegypt.com/2018/03/14/banque-du-caire-contributes-egp-568m-loan-zizinia-el-mostakbal-project/
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