Egypt’s National Bank, AAIB agree on best-efforts syndication deal for Rooya

Egypt’s biggest bank, state-run National Bank of Egypt (NBE) and the Arab African International Bank (AAIB) agreed to provide property developer Rooya Group with a loan worth 2 billion Egyptian pounds ($106.7 million).

The loan can be expandable to 3 billion pounds, as the two lead agents, NBE, AAIB have committed around one billion pounds on a best efforts basis, a senior banking official with the knowledge told Amwal Al Ghad on Sunday.

It is a long-term loan designated to finance one of the phases in Rooya’s Stone Park project in New Cairo, the source added.

Stone Park New Cairo will have more than 1430 residential units, spanning over 2 million square metres.