CIRA, Al-Ahly Capital to finance education JV by 50% from in-house resources
Updated 2/21/2022 4:31:22 PM
ArabFinance: Cairo for Investment and Real Estate Development (CIRA) is currently establishing a technological university in partnership with Al-Ahly Capital, with around EGP 2.1 billion in investments, CIRA’s CFO Mohamed El-Kholy told Al Mal News.
The project will be 50% financed by in-house resources, while the remaining amount will be funded by bank facilities, El-Kholy added.
The first phase of the project is being implemented with investments estimated at EGP 1.4 billion that will be financed by a range between EGP 700 million and EGP 800 million from banks’ loans, he noted.
The university is set to commence operations with the opening of four faculties during the first year of inauguration, he highlighted, noting that the total number of faculties will reach 13 by the end of the second phase.
CIRA is an Egypt-based company, operating in the investment field across diversified sectors, including education, construction and real estate, health care, information technology, and support services.
