The Union National Bank – Egypt has approved to contribute EGP 150 million to the 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 NBE at the beginning of this week to contribute to the EGP 3 billion loan.
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 six banks have given final approvals to contribute to the loan. Arab Bank stated it will contribute EGP 300 million and NBAD will contribute EGP 200 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 |
|
Union National Bank Egypt |
EGP 150 Million |
|
EALB |
EGP100 Million |
|
Al Baraka Bank of Egypt |
EGP 100 Million |
|
Arab Investment Bank |
EGP 100 Million |
