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Orascom signs EGP 1.5b deal with CIB to develop O West

by WAYA Staff - Jul 25, 2022
Orascom signs EGP 1.5b deal with CIB to develop O West

Orascom Development Egypt’s subsidiary Orascom for Real Estate (ORE) has signed an EGP 1.5b facility agreement with CIB to finance its project O West.

The deal witnessed participation from EFG Hermes, MHR & Partners and White & Case as financial and legal counsels for ORE.

This financial agreement with CIB will be used to partially finance the development and further facilitate O West’s launched phases construction.

ORE’s CFO, Ashraf Nessim, also clarified that this deal will allow O West to have its own independent capital structure apart from ORE, and will allow them to “accelerate the commencement of unit deliveries in Q1 2023”.

Read more: Orascom, Colas Rail and Thales to build the Cairo Metro Line 4 Phase 1 in a $686m project

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