Egypt’s Banque Misr has approved on Sunday a 1 billion Egyptian pound ($63.5 million) loan in favour of Naguib Sawiris’ Ora Developers Company.
The loan to Ora Developers will finance the construction work of the first phase of its ZED project in Sheikh Zayed City, west of Cairo, an informed banking source with knowledge of the approval told Amwal Al Ghad.
The project is set to be built over 165 feddans (693,000 square metres).
The loan will be repaid over a long-term period, the source added, without disclosing details about the repayment timeframe.
In March, Egyptian businessman Sawiris, chairman of Ora Developers, said the company had launched its ZED project with investment cost of 50 billion pounds.
The project will comprise of 700,000 square metres of residential activities, a 40,000 square metre administrative part, and 70,000 sqm for commercial units.
