AWB Retreats From Contributing EGP 200 Mln To MAF Loan

Al Watany Bank of Egypt (AWB) retreated from contributing to the syndicated loan amounting to EGP 3 billion arranged by the National Bank of Egypt (NBE) and Banque Misr for Majid Al Futtaim Holding (MAF Holding).

Sources told Amwal Al Ghad that AWB was considering contributing with EGP 200-300 million to the loan, but the long term of the loan which is 10 years made the bank retreat from contributing to the loan as the lender did not have enough liquidity to offer such long-term loan.

Eight banks have given initial approvals to contribute EGP 1.4 billion. The loan arrangers will contribute with EGP 1.5 million o the loan.

Banque Du Caire and Arab Bank each consider contributing EGP 300 million and National Bank of Abu Dhabi consider contributing EGP 200 million. Bank Audi, Arab Investment Bank, Union National Bank and Crédit Agricole gave initial approvals to contribute to such finance.

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.