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Monday, 22 October 2018

CIRA to invest EGP 1 bn in expanding Badr University

** #5 INVESTMENT WATCH- CIRA to invest EGP 1 bn in expanding Badr University: Private-sector education provider Cairo Investment and Real Estate Development (CIRA) is planning to invest EGP 1 bn on developing a new campus for Badr University, CEO Mohamed El Kalla said, according to Al Mal. The first phase of the project is expected to cost EGP 450 bn and will see the build-out of four faculties, he said. El Kalla added that the company is weighing whether to build the campus in Upper Egypt or the Delta.

IPO proceeds, bank finance will back the expansion: CIRA plans to deploy part of the proceeds of its successful IPO earlier this month, which saw the company raise EGP 1.244 bn, said El Kalla. The firm also plans to call on earnings from real estate sales and other activities and could seek bank financing. El Kalla suggested that EFG Hermes, which took CIRA public, would be tapped to help put together the financing package.

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