Bank Audi Considers Contributing EGP 200 Mln To MAF Loan

Bank Audi Egypt plans to contribute EGP 200 million to the EGP 3 billion loan arranged by the National Bank of Egypt (NBE) and Banque Misr for Majid Al Futtaim Holding (MAF Holding) in order to finance the establishment of Mall of Egypt in Sixth of October City.

Sources said the bank has given in-principle approval to contribute to the loan and will send the final approval to the loan arrangers in the upcoming days.

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.

Six banks have given final approvals to contribute to the loan. Amwal Al Ghad had earlier revealed the values of banks’ contributions to the loan as follows: Arab Bank (EGP 300 million), National Bank of Abu Dhabi (EGP 200 million), Union National Bank (EGP 150 million), Al Baraka Bank of Egypt (EGP 100 million), Egyptian Arab Land Bank (EGP 100 million and Arab Investment Bank (EGP 100 million).