The European Bank for Reconstruction and Development (EBRD) has signed on Monday an agreement with Cairo for Investment and Real Estate Development to establish a new university in Upper Egypt.
The university, the first of its kind designed according to the latest international standards in west Assiut, will be established at a cost worth 1 billion Egyptian pounds ($61.4 million), including an EBRD loan worth 500 million pounds.
Hassan El-Kalla, chairman of Cairo for Investment and Real Estate Development, and EBRD’s Managing Director for Southern and Eastern Mediterranean Janet Heckman have signed the loan deal.
The first phase of the university is expected to be inaugurated within September 2021.
The new university is part of the Egyptian government’s plan to develop Upper Egypt.
