Inertia signed a bridge loan with Banque Misr and Banque Du Caire worth EGP 850m, whereby the value of the loan will be directed to finance the investment cost of the company’s flagship project, Jefaira, located in the North Coast.
For his part, Eng. Ahmed El Adawy, CEO of Inertia, expressed his happiness to sign this contract, saying: “We are proud to cooperate with both Banque Misr and Banque Du Caire, as we believe in the importance of the banking sector’s support for the real estate industry. Their cooperation is pivotal to the economic advancement as well as the enhancement of the Egyptian economy.”
El Adawy pointed out that this financing will support the company’s plans in increasing the construction work in Jefaira, which is strategically located on the Mediterranean Sea.
He added that this is not the first cooperation with Banque Misr and Banque Du Caire, which further reflects the bank’s confidence & trust in the company.
El Adawy explained that a cooperation protocol was signed with Banque Misr, which granted the company medium-term Islamic financing of EGP 1.1bn, and was directed to the fourth phase of the project. Additionally, an EGP 575m financing contract was signed with Banque du Caire for the first phase of the project.
He further praised the effort and fruitful cooperation between both banks to sign the bridge loan, as well as the professionalism that was shown from both teams.
Jefaira is set to be an all year round destination offering educational & health facilities, hotels, clubhouses and sports facilities spread on an area of 5.8 million SQM. Jefaira is situated in a prime location on the banks of the Mediterranean Sea in Egypt’s North Coast.