By Mohamed Kamal
An Alliance of NBE, EG Bank and AIB in the Egyptian market to Arrange a Medium-term Syndicated Loan worth EGP 650m for Misr Italia Properties.
Through a banking alliance including the National Bank of Egypt (NBE) as an agent and primary book-runner, the Egyptian Gulf Bank (EG Bank) and the Arab Investment Bank (AIB), an official agreement has been signed to issue a medium-term syndicated loan worth EGP 650m for Misr Italia Properties.
Banking Alliance NBE and EG Bank
Following the contractual agreement, NBE Chairperson Hisham Okasha stated that arrangement of this joint loan manifests the immense support from the alliance that gathers significant banks in the Egyptian market to the real estate sector, especially at the time that marks the government’s interest in enhancing this sector and dedication to pump more investments in it.
Also, it contributes to developing the infrastructure in order to fit the requirements of companies striving to seize investment opportunities inside the Egyptian market.
And it will have a great impact on maximizing the value-added services and increasing national product along with providing new job opportunities to the Egyptian youth.
Moreover, Vice Chairman of the National Bank of Egypt Yehia Abou El-Fotouh, emphasized on the fact that the real estate sector has succeeded in achieving the government’s growth goals.
Along with providing different services and job opportunities to the citizens.
This led to prioritizing the advocacy of Misr Italia Properties in proceeding with its work in Cairo Business Park by providing the necessary financial support to expand in infrastructure projects.
The New Project
Misr Italia Properties’ CEO and Managing Director, Mohamed Khaled Al-Assal said that this joint loan’s purpose is financing part of the investment cost of Cairo Business Park project in New Cairo.
The project includes the establishment of a sophisticated business and service hub composed of 42 administrative, commercial and service buildings.
In addition to the construction of a four-star hotel with a capacity of 144 rooms.
Where this hotel under the brand of Hilton Garden Inn which specializes in the business sector.
Furthermore, Misr Italia Properties’ CEO and Managing Director, Mohamed Hany Al-Assal stressed on the company’s keenness on expanding in terms of new locations and investments to include both residential and commercial projects equipped with the best services according to international standards.