Inertia Egypt secures $44.87mln bridge loan from two banks

Inertia Egypt announced signing a bridge loan contract worth EGP 850 million with Banque Misr and Banque Du Caire to finance the company’s main project in North Coast, extending over 5.80 million square metres.

Inertia Egypt CEO Ahmed El-Adawy reiterated the importance of supporting the real estate segment by the banking sector to push forward the development wheel and enhance the Egyptian economy's growth rates, according to a statement on Monday.

This is not the first cooperation between Inertia and the two banks, El-Adawy said, elaborating that his company previously obtained medium-term Islamic funding from Banque Misr worth EGP 1.10 billion to finance the fourth phase of the said project, and further signed an EGP 575 million loan deal with Banque Du Caire for phase one.