Four banks team up to finance Zizinia El Mostakbal with 568mln pounds

A consortium of four banks including the National Bank of Egypt (NBE), Suez Canal Bank, and the Egyptian Arab Land Bank has signed an agreement to secure a joint financing loan for ARDIC for Real Estate Development and Investments to finance its Zizinia El Mostakbal project.

The total value of the loan is 568 million Egyptian pounds ($32.25 million), with a repayment period of four years. 

A source with knowledge said that  the National Bank of Egypt (NBE) is the financing agent with share of 268 million Egyptian pounds while the other two banks share is 100 million pounds each.

Zizinia El-Mostkabal is to be established over 70.46 feddans, to include about 1,807 housing units in Future City, New Cairo.