NBAD Considers Contributing EGP 200 Mln To MAF Loan

The National Bank of Abu Dhabi (NBAD) studies contributing with EGP 200 million to the syndicated loan arranged by the National Bank of Egypt and Banque Misr for Majid Al Futtaim Holding (MAF Holding) to establish Mall of Egypt in Sixth of October City.

Some banks have given initial approvals to the loan arrangers over contributing with EGP 1.5 billion to the loan amounting to EGP 3 billion, sources said. The Arab Bank and Banque Du Caire each study to contribute with EGP 300 million to the syndicated loan.

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.