Maxim Development receives 450 Million from the National Bank of Egypt to speed operations for Bo Sidi Abd El Rahman
In line with its committed plan to accelerate the operations at Bo Sidi Abdel Rahman in North Coast, Maxim Development has acquired a new portion worth EGP 450 million from the syndication loan previously signed with the National Bank of Egypt, in cooperation with the Arab African Bank. The new portion will be directed to the construction process of the project to expedite the delivery of the contracted units, in addition to paying a new installment of the land price.
Maxim Development receives 450 Million from the National Bank of Egypt to speed operations for Bo Sidi Abd El Rahman
This is the third portion Maxim Development acquires from the National Bank of Egypt to finance BO Sidi Abdel Rahman project.
The bank has disbursed two portions earlier worth EGP 400 million and EGP 300 million as part of the cooperation protocol signed between the two sides to ramp up the operations and construction at the project.
Maxim Development plans to deliver more than 1,200 units this year out of the total number of units across all projects. It is worth mentioning that the number of units sold so far reached 2,300 with spaces ranging from 60 square meters up to 600 square meters. As for Bo Sidi Abdel Rahman, it is built on an area of 3.7 million square meters that is about 880 acres.
In this context, Dr. Mohamed Karrar Chairman of Maxim Development said “the new portion of the loan is a testament to the solid cooperation and relationship between the National Bank of Egypt and Maxim Development. We applaud the continuous efforts of the governmental entities to help real estate developers better execute their projects. Resorting to bank finances to carry on with the investment plans has become a necessity in light of the constant changes in the market.”
The loan comes within the framework of supporting and developing the company's financial plans by making use of the huge resources of the Egyptian banking system that aims to support the real estate sector that has been witnessing major growth rates. This would ultimately reflect on the growth rates of the national economy.
