Arab Finance: A banking alliance has successfully concluded a long-term syndicated Islamic financing agreement amounting to EGP 5.2 billion for Inertia Egypt, according to an emailed press release.

The consortium includes Banque Misr, Banque du Caire, the National Bank of Egypt (NBE), the Housing and Development Bank, and the Suez Canal Bank.

The loan, which holds a tenor of up to six years, will partially finance the Jefaira project’s investment costs.

Located in Ras El Hekma on the North Coast, the integrated urban project covers an area of approximately 2.7 million square meters and consists of 10 residential phases.

Matouk Bassiouny & Hanawy is acting as the legal advisor for the financing, while the Engineering Consulting Group (ECG) is serving as the independent engineering consultant.

Meanwhile, Baker Tilly is the financial advisor for the financing.

The financing contract was signed on October 20^th, in the presence of a distinguished group of leaders from the company as well as the banks participating in the financing.

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