Egypt’s NBE Bank pumps 900 mln pounds in two property developer loans

Egypt’s biggest lender, the state-owned National Bank of Egypt (NBE) has approved to invest 900 million Egyptian pounds (around $50 million) in two local property developers’ syndicated loans.

NBE contributes 450 million pounds to the first loan, whose total value is exceeding 900 million pounds, designated to finance a real estate firm’s plans to develop a 700,000m2 land plot in the Sixth of October City.

The loan, which is being secured by the NBE in cooperation with one of the UAE banks, will be paid over 8 years, including a three-year grace period and drawdown as well as a five-year repayment period.

As for the second loan, the NBE contributes 450 million pounds. It is a long-term loan designated to finance a real estate firm’s project in New Cairo, on a total space of 2 million m2.

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