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Egyptian Tatweer Misr has received initial approval from Al-Ahly Egyptian Bank, Bank Misr and Arab African International Bank for a loan to finance the construction of Bloomfields and IL-Monte Galala projects, the company chairman told Zawya Projects.
Ahmed Shalaby said the loan amount is 3.5 billion Egyptian pounds ($181 million).
On 7 September, Zawya Projects had reported that the developer had started construction of third phase of Fouka Bay project on the North Coast.
“We will start construction of the final Phase 4 in 2023, which will include a 250-key hotel and 201-key hotel apartments complex," said Shalaby.
Last month, Zawya Projects reported that Tatweer Misr invested 4.5 billion pounds ($234 million) in sustainability initiatives within its ongoing real estate projects Fouka Bay included.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
