Alex Bank, NSGB, Bank Audi, EGB To Contribute To MAF Loan
Alex Bank Intesa Sanpaolo, National Société Générale Bank (NSGB), Bank Audi Egypt and Egyptian Gulf Bank (EGB) target to join a consortium arranging EGP 3 billion loan for Majid Al Futtaim Holding (MAF Holding) in order to finance the establishment of Mall of Egypt in Sixth of October City.
The banking consortium is comprised of Arab Bank, National Bank of Abu Dhabi (NBAD), Union National Bank, United Bank, Al Baraka Bank of Egypt, Egyptian Arab Land Bank and Arab Investment Bank as well as the National Bank of Egypt (NBE) and Banque Misr which are the main loan arrangers.
The four banks will send their approvals next month after receiving approvals from their credit sectors.
As they will not sign the definitive loan agreement today, the four banks will contribute to the value that NBE and Banque Misr will provide.
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. The building area of the mall is 169,000 meters.
