CAPMED to sign USD375mn loan agreement to finance phase one of the project
The investment alliance of CAPMED, CIRA’s [CIRA.CA] 25%-owned Greenfield mega hospital project, is close to signing a USD375mn loan agreement with intergovernmental institutions to finance the first phase of the project. CAPMED will be built on an area of 110 feddans in Badr City at an estimated total investment of EGP18bn. According to the head of the engineering group responsible for designing the project, the land is being prepared for construction companies to begin work, after obtaining the necessary approval from the Housing Research Center within the next two months.
Cairo Investment & Real Estate Development (CIRA): EGP12.82 as of 2 Oct. 2019, Rating: Buy, TP: EGP13.00/share, MCap: USD460mn, CIRA EY/CIRA.CA
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