Arab Investment Bank Contributes EGP 100 Mln To Loan For MAF Holding

The Arab Investment Bank approved to contribute EGP 100 million to the syndicated loan arranged by the National Bank of Egypt (NBE) and Banque Misr to Majid Al Futtaim Holding (MAF Holding) in order to finance the establishment of Mall of Egypt in Sixth of October City.

Sources said that bank sent his approval to NBE concerning contributing to the EGP 3 billion loan at the beginning of this week.

The 10-year term loan will be used to finance part of the investment cost 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.

It is worth mentioning that three banks have given final approvals to contribute to the loan which are: Arab Bank that will contribute EGP 300 million as well as Al Baraka Bank of Egypt and Egyptian Arab Land Bank which will each contribute EGP 100 million to the loan.