Banque Du Caire and Société Arabe Internationale de Banque (SAIB) approved to purchase the Export Development Bank of Egypt’s share in the syndicated loan worth EGP 250 million. The syndicated loan is arranged by the Commercial International Bank (CIB) for the Egyptian Centers for Real Estate Development, subsidiary of Al Hokair Group, to establish Mall of Arabia in Sixth of October City.
Banque Du Caire and SAIB will contribute EGP 150 million and EGP 100 million respectively to the syndicated loan. This move will increase Banque Du Caire’s share in the syndicated loan from EGP 250 million to EGP 400 million.
Loan arrangers will offer a value of finance of EGP 1.614 billion to the Egyptian Centers for Real Estate Development to which CIB contributes EGP 659 million, Banque Du Caire contributes 400 million, Egyptian Arab Land Bank contributes EGP 200 million, Housing and Development Bank contributes EGP 125 million, SAIB contributes EGP 100 million, Alex Bank Intesa Sanpaolo contributes EGP 95 million and Arab Investment Bank contributes EGP 35 million.
