Banque Du Caire will contribute with EGP 100 million to the bridge loan worth EGP 330 million to be offered to Hyde Park Properties for Development, sources told Amwal Al Ghad.
The Egyptian Arab Land Bank (EALB) said it will also contribute with EGP 100 million and the National Bank of Egypt is going to contribute with EGP 130 million, sources said.
Banque Du Caire earlier promised to contribute with EGP 300 million to a syndicated loan worth EGP 1.3 billion for the Company.
Hyde Park Properties for Development requires a long-term loan to finance the first phase of its project in El Tagamu El Khames which is on an area of 1500 feddans (=1557 acres) with an investment cost valued at EGP 15 billion.
It is worth mentioning that the alliance of Housing and Development Bank has raised its share in the ownership structure of Hype Park to 82.5%.
