The National Bank of Egypt (NBE) and Banque Misr will invite other banks to contribute to the syndicated loan worth EGP 3 billion for Majid Al Futtaim Holding (MAF Holding).
Sources said the 11-year term loan will be used to finance the establishment of Mall of Egypt in Six 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.
Amwal Al Ghad earlier reported that Banque Du Caire initially approved to contribute with EGP 250 million to the syndicated loan arranged by NBE and Banque Misr.
