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European lenders to inject USD356mlninto Egypt's Capital Med

Friday 15 March 2019 04:19 PM

Hasan El Kalla
Hasan El Kalla

By Gehad Salem

With the aim of building the first phase of Badr district's Capital Med city  over an area of 110 feddans at expected investments of EGP18bn, consortium made up of Al Masryeen for Medical Care and Cairo for Investment & Real Estate Development managed to secure USD356mln funding from International lenders.

" Several Eurpean funding corporations with agenda for funding  social and economic development projects agreed to inject the outlay necessary for  the first phase of the medical city project, as signing the contract is likely within the next few weeks," said head of AMMC Hasan El Kalla.

As  the consortium has just lately obtained the ministerial decree endorsing the project's primary design, the foundation stone is expected to be laid down and constructions to kick-start soon, he added.

AMMC has been founded two years ago and entered into  partnership agreements with several firms including CIRDE alongside a group of local and international investors to build Capital Med city.

"To avoid any funding dearth, AMMC is slated to go public once constructions kick-off."

With it having a stake of 25 percent in AMMC, CIRDE unveiled a plan for increasing capital of AMMC to EGP400mln up from EGP200mln in order to finance the first phase of the new medical city.

Captial Med's capacity  is estimated at 2000 beds, the biggest in the Middle East, thus falling in the range of  Cairo University's plans for setting up a medicine faculty in Badr City to the east of Cairo. 

Back in late 2017, AMMC signed contract for designing Capital Med with the US-based HKS specializing in devising designs of  health projects worldwide.