Tatweer Misr, AAIB sign EGP 3.5bn medium-term facility to accelerate construction of IL Monte Galala, Bloomfields projects

Daily News Egypt
3 Min Read

Tatweer Misr, a leading Egyptian real estate developer, has signed a medium-term facility contract worth EGP 3.5bn with the Arab African International Bank (AAIB) to expedite the construction of two of its flagship projects: IL Monte Galala in Ain Sokhna and Bloomfields in Mostakbal City, east Cairo.

Under the terms of the contract, the Arab African International Bank will provide market finance to multiple banks operating in the Egyptian market. The bank will take on various roles, including first principal, lead arranger, coverage guarantor, facilitation agent, and guarantee agent. Legal advisories for this deal include Matouk Bassiouny & Hennawy for AAIB and the office of Sarie El-Din and Partners for Tatweer Misr.

Tatweer Misr, known for its mega projects in strategic locations across the Egyptian real estate market, plans to utilize the medium-term facility to accelerate construction works in both IL Monte Galala and Bloomfields. This aligns with the company’s strategy to fulfill promises to clients and provide real estate products that add value for its clients, shareholders, and partners in the Egyptian market.

Ahmed Shalaby, President and CEO of Tatweer Misr, expressed gratitude for the banking sector’s trust in the company and its ability to meet commitments. He emphasized Tatweer Misr’s confidence in the future of the Egyptian real estate market and its commitment to enhance investments for the country’s economic growth and job creation. Shalaby also highlighted the company’s aim to expedite construction works and operate its non-residential portfolio, ensuring a vibrant lifestyle within the real estate projects and generating recurring income for developers.

Shalaby mentioned that Tatweer Misr has successfully delivered over 2,800 units across its current projects. The company plans to use the facility to accelerate construction rates in IL Monte Galala and Bloomfields, with the goal of delivering an average of 2,000 units annually in all its projects.

Tamer Khalifa, Deputy Managing Director of AAIB, emphasized the bank’s leading role in supporting the Egyptian economy, particularly the real estate development sector, which contributes significantly to the local economy.

Share This Article
Leave a comment