BM & NBE Lend TICO EGP 324 Mln To Build Garages In Tahrir
Banque Misr and National Bank of Egypt (NBE) to finalize agreement to lend El Tahrir For Garage Investment-TICO EGP 324 million, next week.
Banque Misr and NBE will each offer EGP 162 million to the company, with a 9-year term including grace period, Mohamed Abbas Farid, deputy chairman of Banque Misr, told Amwal Al Ghad.
The loan will finance the establishment of two underground garages. The first is a 4-level, 1800-car garage with an area of 20 thousand m2 in front of the Egyptian Museum and the second is a 4-level, 603-car garage with an area of 5 thousand m2 in front of Omar Makram Mosque.
Farid said Cairo city government is the owner of this project and it assigned the project’s construction to The Arab Contractors Company, adding that the project is expected to be fully established in 2013. The estimated value of the project is EGP 470 million.
The loan agreement was destined to be signed last year and the construction to be finalized next December, but the unrest that followed last year’s revolution delayed the project.
