Zed East Sports Club, a subsidiary of Ora Developers Group, signed a medium-term financing contract worth EGP 700m with the Commercial International Bank (CIB), with the aim of financing part of the investment costs of the club project in New Cairo.
Naguib Sawiris, CEO of Ora Developers Group, said: “Ora Developers continuously aims to develop sustainable, luxurious and practical neighbourhoods. We believe that we are able to overcome the challenges of this stage and achieve the goal of providing innovative and trustworthy development projects to the Egyptian market. This project also confirms the strategy of the company supports the youth and sports sector in various fields. Cooperation with the CIB strengthens the relationship between the group and the bank, which is considered one of the most important and largest private sector banks in Egypt.”
Amr El-Ganayni, CEO of CIB Corporate Sector, said: “We are always pleased to support Ora Developers Egypt, one of our most reputable clients. The financing agreement represents another milestone in the strong relationship between CIB and Ora Developers Egypt, and this agreement is a starting point. In financing the sports and leisure clubs sector, which is in line with the bank’s strategy to support the youth and sports sector in particular, and the state’s tendency to develop this sector in general.”
The Zed East Sports Club project in New Cairo is an integrated sports club project, to be established on the land of the Zed East residential project in New Cairo, which is in line with the company’s strategy to support the youth and sports sector.