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بوابة الشروق
Banks delay 950 million Egypt Pounds to Emaar Misr
The consortium of creditor banks has postponed disbursing approximately 950 million Egyptian pounds, which is the remaining part of a 5.2 billion-pound loan allocated for the Jefira project in North Coast. This delay comes after the land was withdrawn from the company due to delays in construction progress and failure to meet delivery deadlines. Regulatory authorities are currently reviewing the company's financial situation, which has requested to defer the payment of due interest until next year, following the completion of the acquisition process and the transfer of shares to Engineer Ahmed El-Abed and Hussein Rifa'i. The Jefira project spans an area of 2.7 million square meters and includes 10 residential phases. The company is currently facing challenges due to declining construction progress and an accumulated debt of approximately two billion pounds on the land, owed to the New Urban Communities Authority.
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