Industrial Development Bank Contributes EGP 100 Mln To Hyde Park Loan

The Industrial Development and Workers Bank of Egypt has finally approved to contribute EGP 100 million to the EGP 1.3 billion loan arranged for Hyde Park Properties for Development to finance commercial components of the company’s project in El Tagamu El Khames (fifth settlement).

The Egyptian Arab Land Bank (EALB), Banque Du Caire, Al Baraka Bank of Egypt, Arab Investment Bank, Bank Audi Egypt and United Bank had earlier approved to contribute to the loan.

The Industrial Development Bank also considers contributing US$ 20 million to the US$ 1.250 billion loan arranged for the Egyptian Ethylene and Derivatives Company (Ethydco) by the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), Banque Du Caire and Arab International Bank, said El-Sayed El-Kosayer, chairman of the bank.

The chairman had earlier revealed to Amwal Al Ghad that the bank targets to increase paid-up and issued capital from EGP 500 million to EGP 3 billion.

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