Four banks mull $78.8 mln financing for Egyptian property project

Four Egyptian banks are considering a multi-million Egyptian pounds finance in favour of a property project in one of the new cities in the country.

The banks; the National Bank of Egypt (NBE), Bank Audi Egypt, Ahli United Bank, and Egyptian Gulf Bank (EGB) are studying securing a finance worth 700 million Egyptian pounds ($78.8 million) a senior banking official told Amwal Al Ghad on Thursday.

The executive committees of the four banks are currently studying the finance, the source said, without disclosing any details about the name of the property project.

NBE, the country’s biggest public lender, seeks to secure 58 percent of the total financing, the source added.

The understudy financing will be with a three-year grace period to be paid over 6 years, the source stated.