Egyptian developer, PACT for Real Estate, has recently acquired a loan from the Arab Investment Bank, with a total value of EGP 120m, according to press statement on Sunday.
The statement said that through this alliance, the company will be able to maintain construction progress of its North Coast project, White Bay in Sidi Heneish, and ensure on-time delivery of all four phases.
“According to officials at the Arab Investment Bank, this loan does not only accelerate the development of White Bay, it also reflects PACT’s serious approach towards its set schedule and ability to resist risks. It also conveys the bank’s confidence in the company’s process of introducing state of the art infrastructure and home automation solutions,” the statement read.
White Bay’s community offers 660 residential units, on an area of 80 feddans, and provides variety of villas, twin houses, and chalets that range from 120-550 sqm.
Speaking on the reasoning behind the alliance, the President of PACT Mohamed Gamal Nasr said, “our commitment to establish a new era of smart homes allows us to partner with institutions that espouse the same values. Concluding such an agreement with the Arab Investment Bank reinforces our stable position as developers of this kind of solutions; it is an excellent step for us at this stage.”