NBE and Banque Misr Sign TICO’s Loan Agreement Today
National Bank of Egypt and Banque Misr will sign today the final agreement to lend El Tahrir For Garage Investment-TICO EGP 324 million.
Banque Misr and NBE will each offer EGP 162 million to the company, with a 9-year term including grace period, Mahmoud Montasser, member of NBE’s board of directors and supervisory of Credit sector, told Amwal Al Ghad.
The loan will finance the establishment of two underground garages. The first is a 4-level, 1800-car garage with an area of 20 thousand m2 in front of the Egyptian Museum and the second is a 4-level, 603-car garage with an area of 5 thousand m2 in front of Omar Makram Mosque.
Cairo city government is the owner of this project and it assigned the project’s construction to The Arab Contractors Company, adding that the project is expected to be fully established in 2013. The estimated value of the project is EGP 470 million.
The loan agreement was destined to be signed last year and the construction to be finalized next December, but the unrest that followed last year’s revolution delayed the project.
