(Ecofin Agency) - Egyptian state-owned Banque du Caire is providing real estate company Inertia EGP575 million ($34.6 million) to fund projects ongoing in the country. Monies will be granted over a year period and paid back in over 5 years.
Inertia says the resources will be used to finance construction works as well as real estate residential projects initiated in 2019. According to Tarek Fayed, MD of Banque du Caire, the real estate sector is a promising area in Egypt that can support economic growth.
The loan agreement concluded with Inertia aims to support the sector while strengthening the portfolio of real estate projects set up by this company in Egypt.