CIB Egypt Mulls Granting EGP1 bln Funding to Real Estate Clients

The Commercial International bank(CIB) is considering pumping new funds with EGP1billion within the next period to four customers in the real estate sector.

An official source in the bank said the funds will be forwarded to the residential and commercial real estate project, pointing out that the bank is currently studying the orientation to fund this type of project during the coming phase.

CIB will participate with four banks including, HSBC, Banque Du Caire, Banque Misr and Arab African International Bank (AAIB) in order to arrange a loan with EGP1 billion in favor of Al-Futtaim Group Company so as to fund establishing commercial center in Cairo as a part of ‘Cairo Festival City’ project which is implementing by Al-Futtaim totaled EGP3.4 billion.

The bank’s loan portfolio and credit facilities of the customers hit a record around EGP1.7 billion(4.3%), move up by EGP42.2 billion at the end of June 2013, against EGP40.7 billion in December 2012.

The banks attained profits worth EGP1.3 billion compared to EGP2.2 billion at the end of 2012, along with CIB’s board of directors will be holding a meeting today to approve the financial statements of the third quarter of this year.