Cairo for Investment and Real Estate (CIRA) [CIRA.CA] signed an EUR25mn loan (to be paid in EGP) with the European Bank for Reconstruction and Development (EBRD) to finance phase one of its new West Assiut University project. The term of the loan is seven years and has a two-year grace period. In addition, EBRD will grant the company up to EUR400k to support the implementation of innovative sustainable design features and technologies (energy, water and material efficiency) required to achieve the green building certification targeted for the project. Total capex for the project is estimated at cEGP2bn. 
 
Cairo Investment & Real Estate Development (CIRA): EGP13.37 as of 30 Sep. 2019, Rating: Buy, TP: EGP13.00/share, MCap: USD479mn, CIRA EY/CIRA.CA