Al Baraka Contributes EGP 100 Mln To Islamic Segment Of MAF Loan

The National Bank of Egypt (NBE) and Banque Misr approved to assign an Islamic segment of the EGP 3 billion loan, which will be offered to Majid Al Futtaim Holding (MAF Holding), to Islamic banks after the customer’s approval.

Sources said Al Baraka Bank Egypt sent its final approval to contribute EGP 100 million to the loan by the beginning of next week.

The 10-year term loan will be used to finance the establishment 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.

Al Baraka Bank Egypt has also approved to inject EGP 100 million to the EGP 1.3 billion loan arranged for Hyde Park Properties for Development to finance the commercial components of Hyde Park’s project in El Tagamu El Khames.