(Ecofin Agency) - Egyptian real estate company Waterway Developments engaged in talks with local banks to obtain a syndicated Islamic loan of EGP1 billion (about $63.8 million).

According to local media, the company intends to develop new projects across the country. It seeks to invest a total of EGP13 billion into the construction of commercial and administrative units, as part of its 2021 strategy.

Rating agency Fitch Solutions indicated in an analysis issued in Q3 2020 that the modernization of many cities and the development of new units will lead to increased demand for housing in Egypt, despite covid-19. However, the low purchasing power will not encourage residential real estate activity in the country.

Chamberline Moko