Banque Misr and National Bank of Egypt (NBE) will start marketing the EGP 3 billion long-term loan, which is offered to MAF Company, subsidiary of Majid Al Futtaim Group, to 15 banks in Egypt to finance the construction of “Mall of Egypt” in Six of October City.
Banque Misr and NBE invited banks to participate in 50% of the total value of the loan as Banque Misr’s share in the loan ranges from EGP 600 million to EGP 700 million and NBE acquires the remaining share, Mohamed Abbas Farid, deputy chairman of Banque Misr, told Amwal Al Ghad.
Banks will finance 65% while MAF will finance 35% of the project’s total cost of EGP 4.9 billion. The building area of the Mall is 169 thousand m2. The Mall is destined to be opened in October 2013.
Banque Misr approved to participate with US$ 120 million in offering letters of guarantee with value of US$ 300 million to the Egyptian General Petroleum Corporation to meet the liabilities of the Corporation towards international institutions that contribute in the establishment of a developed oil refinery.
It is worth mentioning that MAF Company bought a 399.4 thousand m2 land in Six of October City along Al-Wahat Street near Egyptian Media Production City to establish a mall inside which there will be Carrefour Hypermarket, the second largest retailer in the world. MAF also targets establishing seven more malls in Cairo. Mall of Egypt will be the first regional commercial center serving western region of Greater Cairo.
