Misr Iran Bank joining with EGP200mln in a syndicated loan to Al Marasem International

Misr Iran Development Bank (MIDB) approves participation in a syndicated loan to Al Marasem International for Development Company, affiliated to Saudi Binladin Group.

The bank will participate with an amount of 200 million Egyptian pounds, he added Managing Director Amr Tantawy told Amwal Al Ghad.

On the other hand, MIDB is studying the possibility of pumping syndicated loans of  500 million Egyptian pounds  into the energy sector namely electricity and oil.

The syndicated loan is being arranged by Banque Misr and Abu Dhabi Islamic Bank  with total amount of 940 million pounds directed to establish R5 district in the new administrative capital with total investments of 4 billion pounds.

Abu Dhabi Islamic Bank (ADIB) is acting as the financial advisor and the deal promoter while Banque Misr acted as financing, guarantee and marketing agent.

Egyptian authorities announced the start of the construction of the new Garden City in the New Administrative Capital’s R5 district.

The New Garden City will be built on a 1000-feddans and housing 23,000 residential units, including villas and apartments.

New Garden City will also house a five-star  hotel, and, according to the statement, it will cater to resident’s social, sport, religious, commercial, recreational, health and educational needs.