Bank Audi Egypt Contributes EGP 100 Mln To MAF Loan

Bank Audi Egypt approved to contribute EGP 100 million to the EGP 3 billion loan arranged for Majid Al Futtaim Holding (MAF Holding).

Bank Audi will contribute to the National Bank of Egypt’s share in the loan. Sources said National Société Générale Bank (NSGB), Egyptian Gulf Bank (EGB) and Alex Bank Intesa Sanpaolo also study to contribute to the loan.

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.

Amwal Al Ghad had earlier reported exclusively that the National Bank of Egypt, Banque Misr, Arab Bank, Abu Dhabi National Bank, Union National Bank, Egyptian Arab Land Bank, United Bank, Arab Investment Bank and Al Baraka Bank of Egypt signed the loan agreement.