Eight Banks Initially Approved Contributing EGP 1.4 Bln To MAF Loan

Eight banks gave an initial approval to contribute EGP 1.4 billion to the syndicated loan arranged by the National Bank of Egypt and Banque Misr for Majid Al Futtaim Holding (MAF Holding).

Sources said the loan arrangers may increase the value of the banks’ contributions to EGP 1.5 billion to the loan amounting to EGP 3 billion.

Banque Du Caire and Arab Bank will each contribute with EGP 300 million and National Bank of Abu Dhabi (NBAD) will contribute with EGP 200 million. In addition, Bank Audi, Arab Investment Bank, Union National Bank and Crédit Agricole gave initial approvals to contribute to such finance.

The 10-year term loan will be used to finance the establishment 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.