ArabFinance: Amer Tourism Development, a subsidiary of Amer Group Holding (AMER), signed an agreement with Banque Misr for a EGP 350 million medium-term loan and a EGP 300 million credit facility, according to a statement filed to the Egyptian Exchange (EGX) on Thursday.

The EGP 350 million loan will be used to fund a part of the investment costs of Porto El Minya project, which is located over a total area of 250,000 square meters (sqms), the statement unveiled.

Moreover, the EGP 300 million credit facility will be injected into Porto Said project, which is situated on a total area of 400,000 sqms.

Amer Group is engaged in diversified industry sectors, with its operations being structured into many segments, namely real estate, restaurant, hotel, malls, retail, among others.

Established in 2007 and listed on the EGX since November 2010, Amer Group is an Egypt-based company operating within the real estate sector.