ADCB Egypt, IDG ink EGP 618M financing agreement for New October industrial complex
· Egyptian market news · ARAB
Abu Dhabi Commercial Bank – Egypt (ADCB Egypt) and Industrial Development Group (IDG) have signed an EGP 618 million financing agreement to support the development of IDG’s e² New October industrial complex in New October City, as per an emailed press rleease.
The credit facility will finance the project as part of ADCB Egypt’s expansion strategy and its efforts to fund major projects that support the Egyptian economy.
Spanning 1.6 square kilometers, e² New October is expected to house more than 100 factories and industrial facilities and create over 10,000 job opportunities. Its location provides access to Oasis Road, the Ring Road, and several major transport routes.
The complex is designed to provide ready-to-operate industrial environments supported by infrastructure and operational and logistical services. Through the project, IDG aims to help investors reach regional and global markets across Africa, Asia, and Europe.
IDG currently manages four integrated industrial complexes covering a combined 23.4 square kilometers across Egypt. Its portfolio comprises e² October, East Port Said, e² El Alamein, and e² New October.