5 Banks Agree To Contribute EGP 1 Bln To MAF Loan

The National Bank of Egypt (NBE) and Banque Misr have received final approvals from the five banks which will contribute to a syndicated loan arranged for Majid Al Futtaim Holding (MAF Holding) to finance the establishment of Mall of Egypt in Sixth of October City.

Sources said the five banks agreed to contribute EGP one billion to the finance. The loan arrangers finalized the form of the contract of the EGP 3 billion loan so as to be signed in the upcoming period.

NBE and Banque Misr are in talks with Majid Al Futtaim Holding to accept a Sharia-compliant segment as they are asking Islamic banks to contribute to the loan.

Amwal Al Ghad earlier reported that Al Baraka Bank Egypt offered to contribute EGP 100 million to the loan in compliance with Islamic sharia law.

The 10-year term loan will be used to finance part of the investment cost of Mall of Egypt in Sixth of October City. Banks will finance 61% of the investment cost of the project which is valued at EGP 4.9 billion.