CIB To Market Emaar’s Loan

Commercial International Bank (CIB) plans to market the loan arranged by the Bank and HSBC to Emaar Misr during this month.

Sources said CIB plans to acquire from EGP 400 million to EGP 500 million of the total volume of the loan which is equal to EGP 1.6 billion and may be increased to EGP 2 billion. The loan period is initially decided to be up to five years.

Sources said HSBC plans to acquire from EGP 350 million to EGP 400 million. The loan will finance the establishment of the infrastructure of Uptown Cairo, Marassi and Mivida.

In other respect, CIB plans to market its share, US$ 175 million, in the loan offered to Egyptian Company for Ethylene which is equal to US$ one billion by the second half of May.