The Egyptian Gulf Bank (EGB) and Bank Audi Egypt have approved to seize EGP 320 million of the shares of the National Bank of Egypt (NBE) and Banque Misr in the EGP 3 billion loan arranged for Majid Al Futtaim Holding (MAF Holding).
Sources said EGB and Bank Audi will contribute EGP 220 million and 100 million, respectively to the loan.
This raises the number of banks contributing to the loan to to 11. NBE, Banque Misr, Arab Bank, National Bank of Abu Dhabi, Union National Bank, Egyptian Arab Land Bank, United Bank, Arab Investment Bank and Al Baraka Bank of Egypt signed the definitive loan agreement last March.
Arab Bank, National Bank of Abu Dhabi, Union National Bank, Egyptian Arab Land Bank, United Bank, Arab Investment Bank and Al Baraka Bank of Egypt are contributing with EGP 300 million, EGP 200 million, EGP 150 million, EGP 100 million, EGP 100 million, EGP 100 million and EGP 100 million, respectively to the loan.
The 10-year term loan will be used to finance part of the investment cost of establishing 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.
