Nine Banks Sign MAf Definitive Loan Agreement Today

Nine banks will sign on Sunday the definitive agreement of the EGP 3 billion loan arranged for Majid Al Futtaim Holding (MAF Holding) in order to finance the establishment of Mall of Egypt in Sixth of October City.

Sources said the nine banks include Arab Bank, National Bank of Abu Dhabi (NBAD), Union National Bank, United Bank, Al Baraka Bank of Egypt, Egyptian Arab Land Bank and Arab Investment Bank as well as the National Bank of Egypt (NBE) and Banque Misr which are the main loan arrangers.

Sources revealed the value of banks’ contributions to the loan as follows: Arab Bank (EGP 300 million), National Bank of Abu Dhabi (EGP 200 million), Union National Bank (EGP 150 million), Al Baraka Bank of Egypt (EGP 100 million), Egyptian Arab Land Bank (EGP 100 million), United Bank (EGP 100 million) and Arab Investment Bank (EGP 100 million).

The 10-year term loan will be used to finance part of the investment cost of establishing 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 169,000 meters.