El Sewedy Education in talks for EGP 650 mn loan to fund new capital university

El Sewedy Education is in talks with local banks for a EGP 650 mn loan to finance the first phase of a EGP 6-7 bn university in the new administrative capital, which El Sewedy will launch under a partnership with Coventry University, Chairman Ahmed El Sewedy said. The company approached the National Bank of Egypt, Banque Misr, Banque Du Caire, QNB, and Arab African International Bank, and expects to reach an agreement in 1Q2019.