Egyptian real estate developer Tatweer Misr announced on Tuesday that it signed an agreement with the Arab African International Bank (AAIB) for a medium-term facility worth 3.5 billion Egyptian pounds ($113 million) to accelerate the construction of its IL Monte Galala project in Ain Sokhna, and Bloomfields in Mostakbal City.

AAIB will market the loan and act as the first principal, lead arranger, guarantor, facility agent and guarantee agent, according to a joint press statement.

Matouk Bassiouny & Hennawy is the legal advisor for AAIB, while Sarie El-Din and Partners is the advisor of Tatweer Misr.

Ahmed Shalaby, President & CEO of Tatweer Misr, said the developer has successfully delivered over 2,800 units across its current projects. He said the loan arranged by AAIB would be used to accelerate construction in both IL Monte Galala and Bloomfields and increase the annual delivery rate to an average of 2,000 units across all projects.

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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