Banque Du Caire Injects EGP 300 mln In Hyde Park’s Loan

Banque Du Caire has approved injection of EGP 300 million in the EGP 1.3 billion syndicated loan arranged for Hyde Park Properties for Development, sources said.

Hyde Park Properties for Development plans to use the long-term loan to finance the establishment of the first stage of the Company’s project in El Tagamu El Khames which is on an area of 1500 acres and with an investment cost of EGP 15 billion, sources added.

Arab African International Bank will take its decision during the next few weeks about whether to contribute in the syndicated loan or directly inject finance to the Company, sources at the Bank said, adding that the Bank has offered EGP 500 million loans to companies from the beginning of the fiscal year till the end of last May.

In addition, the National Bank of Egypt decided to contribute EGP 400 million in this syndicated loan.

It is worth mentioning that the alliance of Housing and Development Bank increased its share in the ownership structure of Hyde Park Properties for Development to 82.5%.