By: Abdullah Bedeir
Cairo – Mubasher: Oriental Urban Development (OUD), a subsidiary of Oriental Weavers Group, has unveiled plans to secure EGP 6.5 billion ($370 million) loans from a group 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 EGP 13 billion, OUD’s chairman Asser Hamdy stated.
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.
Translated by: Muhammad Abdul-Wakeel
