ARDIC for Real Estate Development and Investments CEO Ashraf Dowidar said that the National Bank of Egypt (NBE) is currently approving a EGP 500m loan through a consortium of two other banks to finance the Zizinia El Mostakbal project.
Dowidar told Daily News Egypt that NBE is arranging a consortium with two other banks to provide financing for the Zizinia El Mostakbal project so that the bank could provide another loan in the company’s new project in Upper Egypt if it requested the loan.
The company has allocated about EGP 7bn as an initial investment for an integrated urban project intended to be implemented in New Minya on an area of 300 acres. ARDIC targets to implement an integrated residential project that includes services such as schools, hospitals, administrative and commercial buildings, swimming pools, and a spa.
Dowidar noted that the company will open the booking of the Minya project on a repayment period of four years, not six.
“It is possible that the company will not need a loan to implement the Minya project if sales went well and agreed that the market in Upper Egypt is a new market and promising,” Dowidar added.
He revealed that the Suez Canal Authority approved on Tuesday to provide the company land for the development of an industrial project in the Suez Canal area on an area of 6m sqm.
The company will be for the first time as an industrial developer in partnership with the Turkish company Polaris International Industrial Parks to develop millions of square meters over 10 years.
He added that the company will contract with the Suez Canal Authority during the youth conference held this month.