Metropolitan Egypt financial consultancy has raised a total of EGP 7m from the National Bank of Egypt (NBE) for Hi Style Building Contracting Company.
Khalid Nagaty, chairperson of Metropolitan, said that the loan includes EGP 5m to finance the company’s operations and EGP 2m to fund letters of guarantee for the company’s tenders.
Nagaty noted that Metropolitan Egypt directs 75% of its interest to secure funding for small and medium enterprises (SMEs), the sales of which are between EGP 1m and EGP 200m, out of the company’s belief in the importance of the sector and the challenges it faces in obtaining funding.
According to Amr Barakat, general manager of Metropolitan, Hi Style Contracting is a general contracting company operating in the Egyptian market and registered with the Egyptian Federation for Construction and Building Contractors and working with the private and public sectors.
He added that the company now has a special project for the housing of Cairo University under the supervision of Wady El-Nile Contracting & Real Estate Investments Co.