6 Banks To Grant Hyde Park’s EGP1.2 bln Loan Next Tuesday

6 Banks will be signing the final contracts for Hyde Park’s Loan worth EGP 1.2 billion next Tuesday.

The loan arranger 6 banks are; the National Bank of Egypt (NBE), the Egyptian Arab Land Bank (EALB), Banque Du Caire, the United Bank , Arab Investment Bank as well as Industrial Development & Workers Bank of Egypt (IDWBE).

NBE will be the main arranger of Hyde Park’s loan which is allocated to finance the commercial framework for the project in New Cairo district.

It is worth mentioning that the alliance of Housing and Development Bank (HDB) had raised its share in Hyde Park’s ownership structure, to eventually reach 82.5%.

In the mean while, negotiations are currently being held with the UAE developer DAMAC in order to sell its shares (17.5%), in favor of the Egyptian New Urban Communities Authority (NUCA). DAMAC shall sell its shares in Hyde Park Co. in return for settling its long-standing disputes with the Egyptian authorities.