EALB To Contribute With EGP 300 Mln To Hype Park’s Loan

The Egyptian Arab Land Bank (EALB) has approved to contribute with EGP 300 million to the EGP 1.3 billion syndicated loan arranged by the National Bank of Egypt (NBE) for Hyde Park Properties for Development to finance the commercial components of Hyde park’s project in El Tagamu El Khames.

EALB awaits the approval of NBE, as being the lead arranger of the loan, over the bank’s contribution, said Abdel Megid Mohy El-Din, deputy chairman of EALB.

NBE, which will contribute with EGP 400 million, is asking other banks to contribute with EGP 900 million to the syndicated loan, said Mahmoud Montasser, board member and head of credit at NBE. Banque Du Caire, Banque Misr, EALB and Commercial International Bank have given NBE an initial approval to contribute to the loan, he added.

Sources said Banque Du Caire studies contributing with EGP 300 million to the loan.

It is worth mentioning that the alliance of Housing and Development Bank increased its share in the ownership structure of Hyde Park Properties for Development to 82.5%.