Banque Du Caire has approved initially to contribute with EGP 300 million to the syndicated loan arranged by the National Bank of Egypt (NBE) and Banque Misr for Majid Al Futtaim Holding (MAF Holding).
NBE and Banque Misr invited banks last week to contribute with EGP one billion to the long-term loan.
The 11-year term loan will be used to finance the establishment 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. The building area of the Mall is 169 thousand m2. The Mall, which is the first commercial center built to serve the western region of Greater Cairo, is destined to be opened in October 2013. The Mall will include Carrefour Hypermarket, the second largest retailer in the world.
