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CIB and Bank of Canal Suez Fund 4.4B for Summer Project
Al Ahly Sabbour Company announced the signing of a joint financing agreement worth 4.4 billion pounds with Commercial International Bank and Suez Canal Bank to fund and develop the "Summer" project in North Coast, Egypt. The financing, which covers a six-year period, aims to accelerate construction works for the project located in the East Sidi Hanish - Ras al Hakma area, and to ensure its high-quality delivery on time. Commercial International Bank will serve as the lead arranger, underwriter, marketer, and financing agent, while Suez Canal Bank will act as the lead arranger, marketer, and collateral agent. This collaboration continues the strong relationship between the banks and the company and reflects great confidence in the company's ability to execute the project and realize its vision of developing integrated communities that support sustainable development and invigorate the Egyptian real estate market.
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