Arab Bank Considers Contributing EGP 300 Mln To MAF Loan
The Arab Bank considers contributing EGP 300 million to the syndicated loan arranged by the National Bank of Egypt (NBE) and Banque Misr for Majid Al Futtaim Holding (MAF Holding) to establish Mall of Egypt in Sixth of October City.
The loan arrangers received initial approvals from seven banks to contribute to the long-term loan. These banks are Bank Audi, Arab Investment Bank, Union National Bank, Crédit Agricole, National Bank of Abu Dhabi, Banque Du Caire and Arab Bank to contribute with EGP one billion to the syndicated loan, sources said.
The loan arrangers targets to invite banks to contribute to EGP 1.5 billion. This value may be increased with increased demand from banks, sources noted.
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.
