NBE arranges developer Misr Italia’s loan

A banking consortium consisting of the National Bank of Egypt (NBE), Ahli United Bank, and Bank Audi-Egypt will sign in a month a loan agreement worth 680 million Egyptian pounds (US$86.8 million).

The loan will go for Egyptian developer, Misr Italia Holding to fund its first administrative compound in New Cairo, namely Cairo Business Park.

The three banks participating in the consortium are in the process to receive approvals from their boards of directors over the loan, a source from the NBE told Amwal Al Ghad Wednesday.

NBE is the main arranger of the loan, will secure a share worth around 400 million pounds of Misr Italia’s loan, the source added.

Meanwhile, Hany El Assal – Chairman of Misr Italia – said in earlier statements to Amwal Al Ghad that his group is set to disburse the planned loan, whose term would be up to six years, before the end of the current year.

He also said Cairo Business Park project is scheduled for completion within 2019 and it consists of 42 administrative buildings covering 90,000 square metres, while the commercial buildings will cover space of 20,000 square metres, in addition to a car park, a 120-room hotel, a conference hall accommodating 1,000 individuals. It serves medium-size and large-sized projects.