NBE, BM Send Info Memo Of MAF Loan To Contributors

The National Bank of Egypt (NBE) and Banque Misr (BM) will send an information memorandum of the syndicated loan arranged for Majid Al Futtaim Holding (MAF Holding) during this week to the banks that consider contributing to the loan. Sources said both banks will specify how much value they will ask other banks to contribute to the loan.

Banque Du Caire and Arab Bank each consider contributing EGP 300 million, while National Bank of Abu Dhabi (NBAD) considers contributing EGP 200 million. In addition, Bank Audi, Arab Investment Bank, Union National Bank and Crédit Agricole gave initial approvals to contribute to such finance.

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.

.The building area of the Mall is 169 thousand m2. The Mall is destined to be opened in October 2013. Carrefour Hypermarket, the second largest retailer in the world, will be established in the Mall. Mall of Egypt will be the first regional commercial center serving western region of Greater Cairo.