The Planning Ministry signed two funding agreements with the African Development Bank (AfDB) yesterday totalling USD 170.4 mn, with the bulk (USD 170 mn) earmarked for the second phase of a program designed to bolster private sector development and economic diversification, according to a statement. The funds aim to drive structural reforms, stabilize the economy, and improve the business climate.

A smaller USD 400k grant will fund the expansion of Giza’s Abu Rawash wastewater treatment plant, increasing its capacity to 2 mn cubic meters daily, benefiting 8.6 mn residents.

Marakez secures financing for District 5 expansion

Marakez lined up a USD 3 bn credit facility from Kuwait Finance House Egypt to finance the expansion of its business campus Mindhaus, located in its landmark District 5 development, the developer said in a statement (pdf). The expansion will add around 17k sqm of leasable office space to the business campus.

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