EGYPT – Maxim Development, a real estate developer, has acquired has secured EGP 450 million (US$28.73m) syndication loan, a new one from the previously signed with the National Bank of Egypt (NBE), in cooperation with the Arab African International Bank (AAIB).
The financing will go towards accelerating operations at the Bo Sidi Abdel Rahman development. The new portion will be directed to the project’s construction process, and to expedite the delivery of the contracted units, in addition to paying a new instalment of the land price.
This is the third portion Maxim Development has acquired from the NBE to finance the Bo Sidi Abdel Rahman project.
The bank had earlier disbursed two portions worth EGP 400 million (US$25.54m) and EGP 300 million (US$19.16m), respectively, as part of the cooperation protocol signed between the two sides to ramp up the operations and construction at the project.
Maxim Development plans to deliver more than 1,200 units in 2021, with a total of 2,300 units having been sold so far, ranging in area from 60 sqm up to 600 sqm. As for Bo Sidi Abdel Rahman, it is built on an area of 3.7m sqm, or about 880 feddans.
“The new portion of the loan is a testament to the solid cooperation and relationship between the National Bank of Egypt and Maxim Development,” Mohamed Karrar, Chairperson of Maxim Development said.
“We applaud the continuous efforts of the governmental entities to help real estate developers had better execute their projects. Resorting to bank finances to carry on with the investment plans has become a necessity in light of the constant changes in the market.”
The loan comes within the framework of supporting and developing the company’s financial plans by making use of the Egyptian banking system’s huge resources that aims to support the country’s rapidly growing real estate sector. This would ultimately reflect on the growth rates of the national economy.
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