(MENAFN- Daily News Egypt) Real estate developer Inertia has signed EGP 575m loan with Banque du Caire to develop the company's projects and Jefaira North Coast.
During the loan's signing ceremony on Tuesday, Inertia's CEO Ahmed El Adawy said the fund will be directed to construction works in the company's projects, elaborating that the loan covers about 55-60% of the total targeted construction rate within a year.
El Adawy pointed out that the loan will be disbursed within a year and will be repaid over five years.
Additionally, he revealed that the company has achieved EGP 4.5bn sales since launching Jefaira project and eyes EGP 5.5bn by the end of the current year, disclosing that the first phase of the project has been sold out and the company managed to market 90% of the second phase of the project.
Tarek Fayed, chairperson and CEO of Banque du Caire, said Inertia is one of the most modern heavyweight companies and has a strong portfolio of real estate projects in distinctive areas.
Fayed added that the bank's strategy focuses on providing finance to promising sectors that support macroeconomic growth in general, especially real estate development and construction sectors, as these sectors are able to create new job opportunities in local market and achieve added value in promoting urban development.
Hussein Rifai, chairperson and board member of Inertia Holding Group, pointed out that the arrangement to obtain the targeted financing from Banque du Caire took a period of six months during which cooperation with an integrated team from Banque du Caire has been achieved.
Rifai added that the funding directed by Banque du Caire is sufficient to support the financing needs of the company's construction works over the next two years.
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