{"id":557572,"date":"2021-09-23T03:52:57","date_gmt":"2021-09-23T03:52:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/cira-to-borrow-egp-260-mn-to-fund-capex\/"},"modified":"2021-09-23T03:52:57","modified_gmt":"2021-09-23T03:52:57","slug":"cira-to-borrow-egp-260-mn-to-fund-capex","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/cira-to-borrow-egp-260-mn-to-fund-capex\/","title":{"rendered":"CIRA to borrow EGP 260 mn to fund capex"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>CIRA will borrow EGP 260 mn from an undisclosed Egyptian bank to fund <\/strong><strong>upcoming projects<\/strong>, it announced in a <a href=\"https:\/\/ent.news\/2021\/9\/CIRA.pdf\">bourse filing (pdf)<\/a> yesterday after the board greenlit the decision. The statement doesn\u2019t provide further information and a company spokesperson was not immediately available for comment.<\/p>\n<p><strong>What we know about the CIRA\u2019s borrowing plans:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad7492c3-018d-4177-acd7-12141912af95\">The company has been in talks<\/a> with a syndicate of international banks to obtain financing for its planned applied tech university, negotiating with three banks for a credit facility that would cover 40-50% of the EGP 2 bn project.<\/p>\n<p><strong>The education company and its subsidiary Eduhive are eyeing major expansion:<\/strong> CIRA will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad7492c3-018d-4177-acd7-12141912af95\">invest EGP 500 mn<\/a> to set up four language schools in Qena, New Assiut, New Rashid and El Alamein by 2022. It expects <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d77b1b1-551a-4992-a0ff-3591c6dc48a8\">to launch<\/a> Egypt\u2019s first private sector technical college in September 2023, while Cairo Egypt for Education (CEE) \u2014 a JV between CIRA and Elsewedy Capital Holding \u2014 is planning to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70e4da61-f321-4186-a485-64aff2143837\">build and run a EGP 2.5 bn university<\/a> on a 58-feddan plot in New Damietta.<\/p>\n<p><strong>IN OTHER CIRA NEWS- <\/strong><strong>The company will distribute EGP 100 mn in dividends to shareholders for the fiscal year <\/strong><strong>2019-20<\/strong>, paying out around EGP 0.17 per share, the company said in a separate <a href=\"https:\/\/ent.news\/2021\/9\/CIRA-1.pdf\">disclosure (pdf)<\/a> to the EGX yesterday.<\/p>\n<hr class=\"grey-line\">\n<p><strong>MEANWHILE- State banks to lend EUR 152 mn to Wotech for green MDF factory:<\/strong> Banque du Caire, the National Bank of Egypt (NBE) and Banque Misr will lend EUR 152 mn to state-owned woodmaker Wotech to establish a factory producing MDF wood from rice straw, NBE said in <a href=\"https:\/\/ent.news\/2021\/9\/WOTECH-financing-statement.pdf\">a statement (pdf)<\/a>. The project aims to reduce air pollution caused by the burning of rice straw, a widespread agricultural practice at the end of the harvest season.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CIRA will borrow EGP 260 mn from an undisclosed Egyptian bank to fund upcoming projects, it announced in a bourse filing (pdf) yesterday after the board greenlit the decision. The statement doesn\u2019t provide further information and a company spokesperson was not immediately available for comment. What we know about the CIRA\u2019s borrowing plans: The company [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":557573,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[726,576,402,7106,88,73,72,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-banque-du-caire","tag-banque-misr","tag-cira-education","tag-debt","tag-debt-watch","tag-education","tag-enterpriseam","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"daf88c8b-9b94-44b9-806f-64dcec201de8","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/329.jpg","photo_position":"above","related_issue":[557561],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CIRA to borrow EGP 260 mn to fund capex - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/cira-to-borrow-egp-260-mn-to-fund-capex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIRA to borrow EGP 260 mn to fund capex\" \/>\n<meta property=\"og:description\" content=\"CIRA will borrow EGP 260 mn from an undisclosed Egyptian bank to fund upcoming projects, it announced in a bourse filing (pdf) yesterday after the board greenlit the decision. The statement doesn\u2019t provide further information and a company spokesperson was not immediately available for comment. What we know about the CIRA\u2019s borrowing plans: The company [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/cira-to-borrow-egp-260-mn-to-fund-capex\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-23T03:52:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/329.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/cira-to-borrow-egp-260-mn-to-fund-capex\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/cira-to-borrow-egp-260-mn-to-fund-capex\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CIRA to borrow EGP 260 mn to fund capex\",\"datePublished\":\"2021-09-23T03:52:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/cira-to-borrow-egp-260-mn-to-fund-capex\/\"},\"wordCount\":287,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/cira-to-borrow-egp-260-mn-to-fund-capex\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/329.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Banque du Caire\",\"Banque Misr\",\"CIRA Education\",\"debt\",\"debt watch\",\"Education\",\"EnterpriseAM\",\"National Bank of Egypt\"],\"articleSection\":[\"DEBT WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/cira-to-borrow-egp-260-mn-to-fund-capex\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/cira-to-borrow-egp-260-mn-to-fund-capex\/\",\"name\":\"CIRA to borrow EGP 260 mn to fund capex - 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The company\u2019s board greenlit the decision earlier this week, the disclosure says. No further details or information were provided in the disclosure and a\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568409,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/","url_meta":{"origin":557572,"position":1},"title":"TMG, Sarwa, and CIRA makes three","author":"enterpriseam admin","date":"29 December 2020","format":false,"excerpt":"The Financial Regulatory Authority (FRA) has signed off on EGX-listed private education outfit CIRA\u2019s EGP 600 mn sukuk issuance, FRA chief Mohamed Omran announced in a statement yesterday (pdf). Proceeds from the offering will fund CIRA\u2019s expansion plans in K-12 and higher education. The sukuks will carry a tenor of\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":563160,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/21\/cira-in-loan-talks-for-new-tech-uni\/","url_meta":{"origin":557572,"position":2},"title":"CIRA in loan talks for new tech uni","author":"enterpriseam admin","date":"21 June 2021","format":false,"excerpt":"Private sector education outfit CIRA is in talks with a syndicate of international banks to obtain financing for its planned applied tech university, CEO Mohamed El Kalla told Hapi Journal. The company is negotiating with three banks for a credit facility that would cover 40-50% of the EGP 2 bn\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/265.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568291,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/24\/sukuk-boomlet-continues\/","url_meta":{"origin":557572,"position":3},"title":"Sukuk boomlet continues","author":"enterpriseam admin","date":"24 December 2020","format":false,"excerpt":"EGX-listed private education outfit CIRA is planning a EGP 600 mn sukuk issuance to fund its expansion plans in school-level and higher education, as well as pay off some of its loans, the company\u2019s board said in a regulatory filing (pdf) approving the issuance. The sukuk will be backed by\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/415.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568441,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/30\/cira-pulls-sukuk-trigger\/","url_meta":{"origin":557572,"position":4},"title":"CIRA pulls sukuk trigger","author":"enterpriseam admin","date":"30 December 2020","format":false,"excerpt":"CIRA closed its EGP 600 mn sukuk issuance \u2014 the first for Egypt\u2019s education sector \u2014 yesterday, according to a statement (pdf). The leading private-sector education outfit sold ijara sukuk that will be traded on the EGX. The sharia-compliant bonds will carry a tenor of seven years and will not\u2026","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":576484,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/the-debt-market-is-really-heating-up-heading-into-2021\/","url_meta":{"origin":557572,"position":5},"title":"The debt market is really heating up heading into 2021","author":"enterpriseam admin","date":"25 November 2020","format":false,"excerpt":"DEBT WATCH- The debt market is really heating up heading into 2021: Two securitized bond offerings worth a combined EGP 4 bn are going to market before the end of the year, said Khalil El Bawab, the CEO of Banque Misr\u2019s investment arm Misr Capital, which is acting as lead\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/273.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557572"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557572\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557573"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557572"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557572"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}