CIB saves EGP 300m For Hyde Park’s Loan

Commercial International Bank (CIB) is currently studying saving from US$ 200 million to US$ 300 million of the syndicated loan worth EGP 1.3 billion for Hyde Park Company (DAMAC).

Sources said that there are negotiations between the Company from one side and National Bank of Egypt and CIB from the other side over the loan that will finance Hype Park’s projects in El Tagamu El Khames district (Fifth Settlement) which will be on an area of 1500 acres.

CIB is restructuring a EGP 1.6 billion loan for Egyptian Company for Real Estate Development centers, subsidiary of Saudi’s Al Hokair Group. The value of this loan may be raised by 30% to reach EGP 2.1 billion as the project’s investment cost increased, sources added.

CIB plans to market securitization bonds in value to EGP 160 million to Mansour Auto in next April in two tranches. The first tranche term is 13 months and the second 4 years.