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”.
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