Akhnaton University to borrow EGP 600mn from local lenders

Tuesday 10 July 2018 02:10 PM

Dr. Seddik Afifi
Dr. Seddik Afifi

By Sherif Omar:
International Company for Educational Services is involved in negotiations with some local banks to borrow EGP 600mn to finance a project to build Akhnaton University in Wadi El Natrun.
The company has recently signed a contract with Beheira governor Nadia Abdou to purchase a land plot of 25 feddans in Wadi El Natrun to build the university.
The university is planned to encompass colleges of pharmacy, dentistry, medicine, physiotherapy, mass communication, tourism and hotels, computers and management and economic sciences.
Sources told Al Mal newspaper that the cost of constructing the university is estimated at EGP 1bn, adding that it was agreed that founding shareholders shall pump EGP 400mn through self-financing as negotiations on obtaining EGP 600mn begin to cover the costs of constructions and assets.
The firm has received a letter from a Chinese institution wishing to contribute to funding the project, according to the sources, adding that the offer is currently being examined given the large size of capital.
The project is to be implemented in 3 phases, and the first stage is scheduled to be completed in 24 months from the date of signing land contract.