The National Bank of Abu Dhabi (NBAD) approved to contribute EGP 200 million to the syndicated loan arranged by the National Bank of Egypt (NBE) and Banque Misr 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 bank has sent approval to contribute to the EGP 3 billion loan to NBE at the beginning of this week.
The 10-year term loan will be used to finance part of the investment cost 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.
It is worth mentioning that five banks have given final approvals to contribute to the loan. Arab Bank stated it will contribute EGP 300 million as well as Al Baraka Bank of Egypt, Egyptian Arab Land Bank and Arab Investment Bank will each contribute EGP 100 million to the loan.
The banks’ contributions to the loan are as follows:
|
Bank |
Contribution |
|
Arab Bank |
EGP 300 Million |
|
NBAD |
EGP 200 Million |
|
EALB |
EGP100 Million |
|
Al Baraka Bank of Egypt |
EGP 100 Million |
|
Arab Investment Bank |
EGP 100 Million |
|
Total |
EGP 800 Million |
