Amwal Al Ghad Reveals Contributions To EGP 1.3 Bln Loan For Hype Park

The National Bank of Egypt (NBE) has assigned banks to contribute EGP 900 million to the EGP 1.3 billion loan it arranged for Hyde Park Properties for Development to finance the commercial components of Hyde park’s project in El Tagamu El Khames.

Sources said the banks contributing to the loan are the Egyptian Arab Land Bank, Banque Du Caire, Al Baraka Bank of Egypt, Arab Investment Bank, Bank Audi Egypt and United Bank.

The contributions to the loan will be divided as follows: EALB (EGP 300 million), Banque Du Caire (EGP 200 million), Al Baraka Bank of Egypt (EGP 100 million), Arab Investment Bank (EGP 100 million), Bank Audi Egypt (EGP 100 million), United Bank (EGP 100 million) and NBE (EGP 400 million).

The definitive loan agreements are slated to be signed by next month after the company asked to accelerate the procedures of the finance.

Banque Misr and Commercial International Bank (CIB), among others, were considering to contribute to the loan, but they retreated in the last period.

It is worth mentioning that the alliance of Housing and Development Bank increased its stake in the ownership structure of Hyde Park Properties for Development to 82.5%. DAMAC Properties is asked to cede its stake in Hyde Park Properties to New Urban Communities Authority in exchange for settling its disputes with the government.