Banque du Caire, El Taamer agree to finance Urban Business Lane project with EGP 956m

Banque du Caire and El Taamer, a company that offers engineering consultations, have signed a financing agreement of EGP 956m to speed up the construction of the Urban Business Lane project. The project is one of the largest integrated business complexes in New Cairo, consisting of 10 administrative and commercial buildings in the Fifth Settlement. The total built-up area is 92,000 square meters and the investment cost is EGP 8.6bn.

The agreement was signed by Tarek Fayed, Chairperson and CEO of Banque du Caire, and Saad Al Wazan, Chairperson of El Taamer, in the presence of Bahaa El Shafie, Executive Vice Chairperson of Banque du Caire, Waeli Doolaty, Vice Chairperson of El Taamer, and Alaa Shokry, Board Member of El Taamer.

Tarek Fayed said that the agreement supports the bank’s efforts to fund the real estate sector and major real estate companies. He highlighted the state’s interest in such projects as they create jobs and stimulate supporting industries in this strategic sector. He added that the bank’s strategy and expansion plan focus on financing major development projects that support the state’s plans to achieve Egypt’s Vision 2030.