The National Bank of Egypt (NBE) has approved a long-term EGP 800 mn loan to Capital Med to cover part of the financing for its EGP 21 bn medical center in Badr City, Al Malquotes Egypt Care Chairman Hassan Al Qalla as saying.

Cairo Investment and Real Estate (CIRA) holds 14% of Capital Med, while Egypt Care holds 10%, Al Mal reported, adding that the rest of the project is divided among local and foreign investors. Some 70% of the financing for the medical city is dependent on loans, Al Qalla reportedly said.

NBE’s loan will go toward financing the first phase of the medical center, which will include clinics and a 350-bed hospital. Construction of the first phase is expected to be completed by the end of the year, according to Al Qalla. The entire four-phase project is expected to take seven years to implement.

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