NBD Mulls Providing Emaar Misr With EGP 200 Mln Finance

The National Bank for Development (NBD) considers providing sharia-compliant credit facilities amounting to EGP 200 million for Emaar Misr for Development Company.

Sources said the negotiations over the loan are still in its initial phase, adding that the company needs such credit facilities to finance part of the company’s existing commercial projects in Egypt.

NBD, Banque Misr and Bank Audi (Egypt) earlier said they study providing Emaar Misr with a sharia-compliant finance amounting to EGP 300 million in order to help it pay its liabilities. Each bank will provide EGP 100 million to the loan.

Besides, Emaar Misr seeks receiving credit facilities of EGP 2.1 billion which are being arranged by the Commercial International Bank (CIB) and HSBC Bank Egypt from more than two years. However, such finance may not be offered to the company after receiving credit facilities from more than a bank.