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Monday, 21 June 2021

CIRA in loan talks for new tech uni

Private sector education outfit CIRA is in talks with a syndicate of international banks to obtain financing for its planned applied tech university, CEO Mohamed El Kalla told Hapi Journal. The company is negotiating with three banks for a credit facility that would cover 40-50% of the EGP 2 bn project, he said.

About the uni: The tech university is expected to open its doors in the 2022-2023 academic year, under an agreement signed last week with Saxony International School (SIS), a German private-sector education provider. The institute will launch at CIRA’s Badr University, before being rolled out to other locations around the country.

Who’s in the syndicate? El Kalla didn’t disclose which international banks CIRA is in talks with. The company said last week that the National Bank of Egypt’s investment arm, Al Ahly Capital, would finance part of the project.

Also in the pipeline: CIRA is planning to invest up to EGP 500 mn to set up four language schools in Qena, New Assiut, New Rashid and El Alamein by 2022, El Kalla said.

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