Home MoneyBanks Egypt’s OUD to secure $370mn loans for Ain Shokhna’s industrial project

Egypt’s OUD to secure $370mn loans for Ain Shokhna’s industrial project

by Amwal Al Ghad English

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.

You may also like

Leave a Comment