EBRD approves £159m loan for Egyptian shopping centre

WCN Editorial Team 4 Jul 2019 AFRICA BUILDINGS

The European Bank for Reconstruction and Development (EBRD) has agreed to provide $200m (£158.9m) in financing for the construction of City Centre Almaza, a new retail and entertainment centre in Egypt.

The loan will be used by Majid Al Futtaim to support the development and operation the City Centre Almaza, located in East Cairo. It is planned to be launched in September 2019.

Covering an area of nearly 103,000m², the new centre will be developed in compliance with latest standards to adopt energy efficiency measures, reduce electricity and water consumption as well as avoid greenhouse gas emissions.

The standards will help the shopping centre achieve the Gold level certification under the LEED green building certification scheme.

EBRD said in a statement: “At the same time, an on-site learning facility will be created which is expected to improve access to training and employment opportunities in retail and hospitality for young women and men.”

Intended to develop new skills and gain employment opportunities, the training will be tailored to employers’ needs and demands.

EBRD said it has invested almost €5bn (£4.4bn) in Egypt in more than 90 projects since it started operations in the country in 2012.

In May 2019, EBRD has approved €210m (£188.3m) in financing for the construction of a new section of the Corridor Vc Motorway project in Bosnia and Herzegovina.

The new section will help improve the connection of the country with the Western Balkans and the rest of Europe.

The Corridor Vc is claimed to be the biggest construction project in the country and will cross the nation from the port of Ploce in the south to the border with Croatia in the north.

The 14km section of the project will begin at the Rudanka interchange in the Republika Srpska and include a bypass for town of Doboj at the Medakovo interchange in the Federation of Bosnia and Herzegovina.

Image: The City Centre Almaza shopping centre is located in East Cairo, Egypt. Photo: courtesy of European Bank for Reconstruction and Development.

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