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Star Light Real Estate and Tourism Development
Banque Misr Grants Bridge Loan to Star Light for Real Estate and Tourism Development Valued EGP 650 Million to Finance Katameya Creeks Project
Banque Misr granted Star Light for Real Estate and Tourism Development a bridge loan valued EGP 650 million to finance a portion of the investment cost required for implementing the "Katameya Creeks" project; a comprehensive project rendering urban and service offerings, occupying an area of 42 acres in New Cairo. The bridge loan contracts were signed in the attendance of Mr. Mohamed El-Etreby – Chairman of the Board of Banque Misr; Mr. Akef El-Maghraby – Vice Chairman of the Board of Banque Misr; Eng. Mahmoud Baraka – Chairman of the Board of Start Light company; Eng. Sherif Abu Taleb – Managing Director of Star Light company and various company executives. Worth noting is that the "Katameya Creeks" project is one of the most prestigious developments to be constructed over the course of the coming years in New Cairo, which in itself commands a distinguished architectural design and an exceptional location.
This financing comes as an initial step towards supporting and developing the company's financial plans, enabling it to complete its projects and play a role in furthering the real estate sector, which has grown exponentially in recent years, reflecting positively on the rate of growth of the Egyptian economy. Indeed, the utilization of banking finance by real estate developers in implementing investment plans has become necessary, in light of current market parameters and variables.
Banque Misr's granting of this financing complements its leading role in the field of real estate financing, since it had previously partaken in the real estate financing initiatives launched by the Central Bank of Egypt, with the aim of strengthening the property and construction sector to support the national economy. The Bank is also keen on facilitating the endeavors undertaken by active real estate developers and investors; being key pillars for forging an investment milieu that fulfils the expectations of the real estate market.
Worth noting is that in light of Banque Misr's commitment to implement its strategic and developmental objectives for supporting various sectors of the national economy, the Bank was able to finance and partake in 14 national projects at a value of EGP 244 billion from 1/7/2020 to 31/5/2021. Banque Misr's share amounted to EGP 110.6 billion, spanning real estate investment, financial services, ports and public services, land transportation, maritime transport, contracting and infrastructure, telecom and information technology.
Owing to its status as a leading banking institution, Banque Misr keenly finances projects and partakes in initiatives that fulfil the needs of its customers, who are considered a prime focus. This is since the values and strategies of Banque Misr reflect its commitment and dedication to sustainable development and to achieving prosperity for Egypt.
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