Alex Bank Mulls Contributing EGP 100 Mln To MAF Loan
Alex Bank Intesa Sanpaolo considers contributing EGP 100 million to the EGP 3 billion loan arranged for Majid Al Futtaim Holding (MAF Holding).
Sources said the bank plans to address the National Bank of Egypt, one of the lead loan arrangers, in the next period to know it if is possible to provide part of the contributions of NBE and Banque Misr to the loan.
The 10-year term loan will be used to finance part of the investment cost of establishing 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.
NBE, Banque Misr, Arab Bank, National Bank of Abu Dhabi, Union National Bank, Egyptian Arab Land Bank, United Bank, Arab Investment Bank and Al Baraka Bank of Egypt are contributing to the loan.
It is worth mentioning that the Egyptian Gulf Bank (EGB) and Bank Audi Egypt approved to contribute EGP 320 million to the shares of NBE and Banque to the loan.
