Banque Misr approves EGP 1.2 bn loan for Damietta furniture city at 7% interest

Banque Misr agreed to extend a EGP 1.2 bn facility to Damietta furniture city at an exceptional 7% interest rate, bank Chairman Mohamed El Etreby said on Monday, Al Borsa reports. Direct project financing will carry a 5% interest, El Etreby adds. The first phase of the furniture city project in Damietta, which is being developed by the military’s Engineering Authority, is expected to come online in December 2017.