The Commercial International Bank (CIB) is studying the procedures of granting Al Futtaim Group a bridge loan ranges between EGP 200 – 300 Million so as to finance the construction of a new commercial center in New Cairo as a part of Cairo Festival City project that is being carried out by Al Futtaim Group.
A reliable source said that the company got a bridge loan worth EGP 300 million from HSBC at the beginning of 2013, adding that CIB will grant Al Futtaim the bridge loan in case of not finishing the arrangements of the main loan that worth EGP 2 million during the present time.
Moreover, the source assured that the HSBC and CIB are addressing the banks , that agreed before to participate in the loan representing in the Arab African International Bank , Banque Misr, Banque De Caire and Arab National Bank, in order to determine their final decision regarding the participation and reactivation of the approvals
It is worth mentioning that the government reached a proposed settlement with Al Futtaim regarding Festival City project after 25th January Revolution which included suspending the case and transferring the ownership of the project to the Group with extending the implementations date to 2014. In return, the Emirates Company shall pay extra EGP 420 million upon the signing and transferring the ownership. However the company asked for linking paying with increasing the construction area in the disputed land which made the prosecutors to convert the case to a committee of experts.