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Egypt inks deal for 2nd tranche of the new capital’s Chinese loan

Egypt inks deal for 2nd tranche of the new capital’s Chinese loan

Egypt has signed agreements with eight Chinese banks to receive the second tranche of a USD 3 bn loan to finance the construction of the business district in the new administrative capital, Housing Minister Assem El Gazzar said, according to Amwal Al Ghad.

El Gazzar did not disclose the size of the tranche.

The New Urban Communities Authority (NUCA) lined up the facility from a group of lenders led by state-owned Industrial and Commercial Bank of China during the Belt and Road Forum in May.

The first USD 834 mn tranche is being used to finance construction during the initial 600k sqm phase of the district, which included two administrative and five residential skyscrapers.Source: Enterprise

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