United Bank To Participate in “TICO” Loan with EGP 50 mln

The United Bank studies the participation in the loan, which both of National Bank of Egypt (NBE) and Banque Misr organize for El Tahrir for Garage Investment-TICO; the loan’s value is EGP 324million.

Sources in the bank said the bank received an invitation for participating in Banque Misr’s EGP 162 million share. But the bank hasn’t decided so far, as it participation may reach to EGP 50 million.

Sources added that the outcome of the 9-years loan will finance the construction process of 2 underground- garages. The first is in front of Egyptian Museum on an area of 20.000 cubic meters, and consists of four stories that hold 1800 cars. The second garage is in front of Omar Makram Mosque on an area of 5000 cubic meters, and consists of four stories and holds 603 cars.

The sources explained that Cairo governorate is the projects owner and ordered Arab Contractors Company to implement it. It is expected that the project will be finished by 2013; adding that the project’s estimated value is EGP 470 million.