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National Bank of Egypt (NBE) approved the provision of a bridge loan worth 300 million Egyptian pounds to Maxim Real Estate Investment (MREI) to finance Bo Islands project on the North Coast.
The syndicated loan has been arranged by a number of banks, led by the NBE in line with the bank’s strategy to support the real estate sector which has a significant impact on economy, NBE’s Vice Chairman, Yehia Aboul Fotouh, said in a statement on Thursday.
On his part, Mohamed Karara, Chairman of Maxim Real Estate Investment, said that the estimated EGP 20 billion Bo Islands project is located at the heart of Sidi Abdelrahman Bay, at 120 km on the Alexandria-Marsa Matrouh Road.
