Egyptian Arab Land Bank Contributes EGP 100 Mln To MAF Loan

The Egyptian Arab Land Bank’s board of directors has given final approval last week to contribute EGP 100 million to the EGP 3 billion syndicated loan arranged by the National Bank of Egypt (NBE) and Banque Misr for Majid Al Futtaim Holding (MAF Holding).

The 10-year term loan will be used to finance part of the investment cost of Mall of Egypt in Sixth of October City. Banks will finance 61% of the investment cost of the project which is valued at EGP 4.9 billion.

This is the third contribution by the bank to a syndicated loan during 2012 as it had earlier contributed EGP 300 million to the EGP 1.3 billion loan arranged for Hyde Park Properties for Development and also contributed EGP 150 million to the Islamic syndicated loan arranged by Banque Misr and Bank Audi Egypt for Egyptian Steel Group, sources said.

The bank’s loan portfolio registered EGP 14 billion, including loans offered by the bank’s branches in Palestine and Jordan, at the end of last October, compared to EGP 12.6 billion at the end of 2011, sources added.