The National Bank of Egypt (NBE) has asked other banks to contribute EGP 850 million to the EGP 1.3 billion loan arranged for Hyde Park Properties for Development to finance commercial components of the company’s project in El Tagamu El Khames (fifth settlement).
Sources said Banque Du Caire, Egyptian Arab Land Bank (EALB), Arab Investment Bank, United Bank, Bank Audi and Industrial Development and Workers Bank of Egypt have sent final approvals to NBE after Al Baraka Bank of Egypt withdrew from the consortium.
NBE has raised its contribution to the loan to EGP 450 million, and the other contributions are divided as follows: EALB (EGP 300 million), Banque Du Caire (EGP 200 million), Arab Investment Bank (EGP 100 million), United Bank (EGP 100 million), Industrial Development and Workers Bank of Egypt (EGP 100 million) and Bank Audi (EGP 50 million), sources added.
The lenders will meet soon to sign the agreements so as to sign the definitive loan agreement this month.
It is worth mentioning that the alliance of Housing and Development Bank increased its stake in the ownership structure of Hyde Park Properties for Development to 82.5%. DAMAC Properties is asked to cede its stake in Hyde Park Properties to New Urban Communities Authority in exchange for settling its disputes with the government.
The banks’ contributions to the loan are as follows:
|
Bank |
Contribution |
|
National Bank of Egypt |
EGP 450 million |
|
Egyptian Arab Land Bank |
EGP 300 million |
|
Banque Du Caire |
EGP 200 million |
|
Industrial Development Bank |
EGP 100 million |
|
Arab Investment Bank |
EGP 100 million |
|
United Bank |
EGP 100 million |
|
Bank Audi |
EGP 50 million |
|
Total |
EGP 1.3 billion |
