Cairo – Mubasher: Tatweer Misr and the Arab African International Bank (AAIB) inked a medium-term facility contract valued at EGP 3.50 billion, according to a press release.
The partnership aims to accelerate the construction of two of Tatweer Misr’s projects, IL Monte Galala in Ain Sokhna and Bloomfields in Mostakbal City.
Legal advisories include Matouk Bassiouny and Hennawy for AAIB and the office of Sarie El-Din and Partners for Tatweer Misr.
Meanwhile, AAIB will provide Tatweer Misr with a medium-term facility to back its portfolio of projects across the Arab Republic.
Ahmed Shalaby, President and CEO of Tatweer Misr, commented: "We also seek to accelerate the pace of construction works within our projects and operate our non-residential portfolio that ensures the creation of a vibrant lifestyle within the real estate projects in addition to recurring income to developers.”
“Tatweer Misr has successfully delivered over 2,800 units across all of its current projects. The company also plans to use the facility to accelerate construction rates in both IL Monte Galala and Bloomfields with the goal of raising the delivery rate in the upcoming years to reach an average of 2,000 units annually in all its projects.”
Tamer Khalifa, Deputy Managing Director of AAIB, noted: “The bank's leadership in real estate developer financing is based on its extensive experience in providing comprehensive solutions to ensure the necessary liquidity for accelerating project implementation and establishing integrated urban and touristic communities in line with the vision of Egypt 2030.”
The AAIB’s Head of Corporate and Institutional Banking, Amani Samir, said: “We anticipate expanding our framework of cooperation with Tatweer Misr to include the provision and availability of all banking products.”
