Banque Misr Keeps EGP 700m From Futtaim’s Loan
Banque Misr is currently studying to keep a share, ranging from 600 to 700 million, of the loan arranged with National Bank of Egypt, which was demanded by MAF, a subsidiary of Al-Futtaim Group, to finance the establishment of Egypt mall in 6th of October City.
Mohamed Abbas Farid, vice chairman of Banque Misr, told Amwal Al Ghad that Banque Misr and National Bank of Egypt decided to market 50% of the 11-year term loan, while the rest EGP 1.5 billion will be kept with both banks.
Banque Misr arranged EGP 16 billion joint loans last year, and is currently studying arranging joint loans up to EGP 26 billion this year.
The investment cost of the Project is EGP 4.9 billion; 65% of which will be financed by banks and the remaining 35% the Company will finance from its sources. Building area of the mall, which is scheduled to be opened in October 2013, is 169 thousand m2.
Noteworthy that MAF Company bought a 399.4 thousand m2 land from Bahgat Group to build on it a shopping center which will include Carrefour Hypermarket, second largest retail store in the world. MAF also plans to establish 7 shopping centers in Cairo.
MAF’s Egypt Mall will be the largest shopping center established to serve the western region of Greater Cairo.
