Orascom Development has signed an agreement with the Egyptian government to develop the remaining undeveloped land in El Gouna.
The agreement included a new master plan for the 17.4 million square meter area, the right for Orascom to connect its lakes network with the Red Sea, & setting governmental fees on undeveloped land in El Gouna at $112 million.
The company will finance this agreement from its EGP 3.8bn stash of cash, in addition to getting a $30m loan from its parent company, Orascom Development Holding.
This agreement is part of the government’s strategy to encourage private sector investment in Egypt.
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