ICEC

SAIB Considering to Pump EGP 200 mln for TMGH’s Loan

SAIB – Societe Arabe Internationale de Banque is considering to pump EGP 200 million of the loan which is arranging by the National bank of Egypt (NBE), Banque Misr and Arab African International Bank (AAIB) for Talaat Moustafa Group Holding (TMGH) worth EGP 1.8 billion.

An official source in SAIB said the bank is waiting for marketing the funds which arranged by the banks to resolve its final position and to identify all the conditions which related to the loan so as to complete Rehab group project.

The Source added that TMGH has negotiated with many banks within the recent period in order to obtain long-term financing worth EGP 1.2 billion so as to establish shopping mall project in New Cairo region.

AAIB and Commercial International Bank (CIB) provided in October 2010 financing for TMGH valued at EGP 855 million. The group has used it finance its expansions in Four Seasons Sharm El-Sheikh hotels which owned by the group.

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