Cairo to Set New Entertainment Centre Worth $200 Mln

Cairo city secured a $200 million credit from the European Bank for Reconstruction and Development ''EBRD',' for a new retail and entertainment centre that will go green and create jobs for young people.

EBRD’s fast-expanding €1 billion urban sustainability programme, EBRD Green Cities, has reached a new milestone by signing the Egyptian capital, according to European Bank.

The project aims to develop the City Centre Almaza, a new retail and entertainment center owned by Majid El Futtaim comes as the Egyptian capital city becomes the 30th city to be signed on the fast-expanding €1 billion urban sustainability programme of the bank.

City Centre Almaza

On other hand, the new centre covers an area of ca. 103,000 m2 and will be developed in line with latest standards to adopt energy efficiency measures, reduce electricity and water consumption as well as reduce greenhouse gas emissions.

Noteworthy, EBRD has invested almost €5 billion in more than 90 projects in Egypt since it started operations in the country in 2012. The Bank invests in all sectors of the economy to support the private sector and sustainable development.

In addition Cairo is the second Egyptian city to sign, following Alexandria, the 24th city in the program. It aims to buy electric buses and rehabilitate its tram line.