The Arab Bank, Egyptian Arab Land Bank (EALB) and Al Baraka Bank of Egypt have approved to contribute EGP 500 million to the EGP 3 billion loan arranged by the National Bank of Egypt (NBE) and Banque Misr to Majid Al Futtaim Holding (MAF Holding).
Sources said the banks’ contributions to the loan are as follows: Arab Bank (EGP 300 million), Al Baraka Bank of Egypt (EGP 100 million) and Egyptian Arab land Bank (EGP 10 million).
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.
Amwal Al Ghad had earlier reported exclusively that NBE and Banque Misr assigned Al Baraka Bank Egypt to contribute EGP 100 million to the Sharia-compliant segment of the loan.
