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Egypt’s Oriental Urban Development (OUD), an affiliate to Oriental Weavers, announced plans to borrow loans of 6.5 billion Egyptian pounds ($370 million) from a number of banks to finance its project in Ain Sokhna industrial zone.
Slated for completion in five years, the project’s cost will reach a total of 13 billion pounds, OUD’s chairman Asser Hamdy said on Wednesday.
Hamdy added that funding the project will 50% as internal financing, while the remaining amount will be borrowed from banks.
OUD is in talks with a group of up to 4 banks to secure the amount required for the project, the top official revealed.
