Education services outfit in talks with local banks for EGP 600 mn loan to construct a new university

Newly-established education outfit the Egyptian International Company for Education Services (EICES) is in talks with several local banks to borrow EGP 600 mn to finance the construction of Akhnaton University, which the company plans to set up in Wadi El Natroun, Al Mal reports. The university is expected to cost EGP 1 bn to construct, EGP 400 mn of which the founders will contribute. Construction will take two years and will be completed over three phases.