Hyde Park Properties Secures EGP 1.3 Bln Loan Next Week

The National Bank of Egypt (NBE), Banque Du Caire, Egyptian Arab Land Bank, Al Baraka Bank of Egypt, Arab Investment Bank, Audi Bank Egypt and United Bank are set to sign the definitive agreements of the EGP 1.3 billion loan offered to Hyde Park Properties for Development next week.

Sources revealed to Amwal Al Ghad the value of contributions to the loan as follows: EALB (EGP 300 million), Banque Du Caire (EGP 200 million), Al Baraka Bank of Egypt (EGP 100 million), Arab Investment Bank (EGP 100 million), Bank Audi (EGP 100 million) and United Bank (EGP 100 million), while NBE, the main loan arranger, will contribute EGP 400 million to the loan which will be used to finance the commercial components of Hyde park’s project in El Tagamu El Khames (fifth settlement).

It is worth mentioning that the alliance of Housing and Development Bank increased its stake in the ownership structure of Hyde Park Properties for Development to 82.5%. DAMAC Properties is asked to cede its stake in Hyde Park Properties to New Urban Communities Authority in exchange for settling its disputes with the government.

The banks’ contributions to the loan are as follows: