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CIRA seeks to obtain EGP 260M loan from QNB Al Ahli

CIRA seeks to obtain EGP 260M loan from QNB Al Ahli

ArabFinanceCairo for Investment and Real Estate Development (CIRA) has started negotiations with Qatar National Bank Alahli (QNB Al Ahli) (QNBA) to obtain a loan worth EGP 260 million, sources familiar with the matter told Al Mal Newspaper.

The company aims at using the loan proceeds to finance future expansion projects, the sources added.

These projects include the establishment of Egypt’s first university for applied technologies, in collaboration with Al Ahly Capital Holding, the investment arm of the National Bank of Egypt (NBE), the sources highlighted.

The CEO of CIRA Mohamed El-Kalla previously said that the company is in preliminary talks with a number of international finance institutions, including the European Bank for Reconstruction and Development (EBRD), to get a financing valued at up to EGP 1 billion.

The total investment cost of the anticipated university amounts to EGP 2 billion.

CIRA is an Egypt-based company, operating in the investment field across diversified sectors, including education, construction and real estate, health care, information technology, and support services.

 

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