Property developer Misr Italia has established a real estate fund with initial capital of EGP 100 mn, Chairman Hani El Assal told Al Shorouk. The company plans to invest EGP 2 bn this year and is in talks with the National Bank of Egypt over a EGP 500-700 mn loan for its Cairo Business Park project and another EGP 150 mn for a hotel within the project. Talks are currently centered on the loans’ interest rate, which Misr Italia is looking to reduce from 20-21%.

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